LOS ANGELES, March 28, 2011 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP announces that all persons or entities who purchased or otherwise acquired the securities of China MediaExpress Holdings, Inc. ("China MediaExpress" or the "Company") (Nasdaq:CCME) between May 14, 2010 and March 11, 2011, inclusive (the "Class Period"), have 8 days remaining until the April 5, 2011 deadline to move the Court to serve as Lead Plaintiff in the securities fraud class action lawsuit. The shareholder lawsuit is pending in the United States District Court for the Southern District of New York.
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201‑9150 or Toll Free at (888) 773‑9224, by email to shareholders@glancylaw.com, or visit our website at .
China MediaExpress purports to operate the largest television advertising network on inter-city and airport express buses in China. The Complaint alleges that defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company misrepresented the number of buses in its advertising network; (ii) the Company misrepresented the nature and extent of its business relationships; (iii) the Company's financial results were overstated during the Class Period; and (iv), as a result of the above, the Company's statements concerning China MediaExpress' business, operations and prospects were materially false and misleading at all relevant times.
On January 31, 2011, analyst firm Citron Research published a report alleging that China MediaExpress has misrepresented, among other things, the scope of its operations, its financial performance, and that the Company "does not exist at the scale that they are reporting to the investing public." On February 3, 2011, analyst firm Muddy Waters issued a report echoing many of the allegations in the Citron report. On this news, China MediaExpress shares declined 33.23%, to close on February 3, 2011, at $11.09 per share on unusually heavy volume.
On Friday, March 11, 2011, trading in China MediaExpress shares was halted on the Nasdaq pending further information. The following Monday, March 14, the Company announced the resignation of its independent auditor -- Deloitte Touche Tohmatsu -- and the resignation of the Company's chief financial officer, effective immediately. Consequently, the Company will delay its fourth quarter earnings release and the filing of its Form 10-K annual report for the fiscal year ended December 31, 2010.
Any person or group who suffered a loss as a result of purchasing China MediaExpress securities between May 14, 2010 and March 11, 2011, may ask the Court to be appointed as Lead Plaintiff, but must file a motion no later than the April 5, 2011 deadline.
If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201‑9150, Toll Free at (888) 773‑9224, by e‑mail to shareholders@glancylaw.com, or visit our website at .
CONTACT: Glancy Binkow & Goldberg LLP, Los Angeles, CA Lionel Z. Glancy (310) 201-9150 or (888) 773-9224 Michael Goldberg shareholders@glancylaw.com www.glancylaw.com