The Shareholders Foundation announces that an investor in NASDAQ:CSKI filed a lawsuit in U.S. District Court for the Southern District of New York against China Sky One Medical, Inc. over alleged Violations of Federal Securities Laws in connection with certain financial Statements.
Investors who purchased shares of China Sky One Medical, Inc. (NASDAQ:CSKI), have certain options and for certain NASDAQ:CSKI stockholders are short and strict deadlines running. Deadline April 24, 2012. NASDAQLCSKI stockholders should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of all persons who purchased China Sky One Medical, Inc. (NASDAQ:CSKI) securities between April 16, 2009 and February 14, 2012, that China Sky One Medical, Inc. and certain of its top officials violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Specifically, the plaintiff claims that defendants between April 16, 2009 and February 14, 2012 made false and/or misleading statements and/or failed to disclose that China Sky One Medical improperly inflated earnings, China Sky One Medical's gross margins were inflated, China Sky One Medical lacked adequate internal and financial controls, and as a result of the foregoing, the China Sky One Medical's statements were materially false and misleading at all relevant times.
In Fall 2009 the SEC issued a formal order of investigation relating to certain of China Sky One Medical’s accounting, record-keeping and disclosure practices.
On February 15, 2012 China Sky One Medical, Inc announced that its Chairman, President and Chief Executive Officer is being treated for a life-threatening illness. In addition China Sky One Medical, Inc said that 26 middle-management level employees have recently resigned, of which 9 were in the accounting department, 2 were in the internal controls department, 2 were in the IT department, 11 were in the sales department, and 2 were in the production center.
The same day the NASDAQ Stock Market announced that trading was halted today in China Sky One Medical, Inc. (Nasdaq: CSKI) at 10:22:17 a.m., Eastern Time, for "additional information requested" from the company at a last price of $1.10. The NASDAQ Stock Market said that Trading will remain halted until China Sky One Medical, Inc. has fully satisfied NASDAQ's request for additional information.
Those who purchased shares of China Sky One Medical, Inc. (NASDAQ:CSKI), have certain options and for certain NASDAQ:CSKI stockholders are short and strict deadlines running. Deadline April 24, 2012. NASDAQLCSKI stockholders should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail(at)shareholdersfoundation.com