NEW YORK, March 23, 2012 (GLOBE NEWSWIRE) -- Shareholders of China Sky One Medical, Inc. ("China Sky" or the "Company) (OTCQB:CSKI) are reminded of the securities class action lawsuit filed against China Sky and certain of its officers. The class action (12 Civ. 1418) in the United States District Court, Southern District of New York, is on behalf of all persons who purchased China Sky securities between April 16, 2009 and February 14, 2012, inclusive (the "Class Period"). This class action is brought under the Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 against the Company and certain of its top officials.
If you are a shareholder who purchased China Sky securities during the Class Period, you have until April 24, 2012 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Rachelle R. Boyle at email@example.com or 888.476.6529 (or 888.4-POMLAW), toll free, x350. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
China Sky manufactures pharmaceutical and medicinal products and diagnostics kits. The Complaint alleges that throughout the Class Period, China Sky made false and/or misleading statements and/or failed to disclose that: (1) the Company improperly inflated earnings; (2) the Company's gross margins were inflated; (3) the Company lacked adequate internal and financial controls; and (4) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
On February 15, 2012, the Company disclosed the resignation of 26 middle-management level employees, nine of whom worked in the Company's accounting department. On that same day, NASDAQ announced it had halted trading in the stock until it received adequate "additional information requested" from the Company. On these revelations, China Sky's shares declined $0.43 per share or 28%, to close at $1.10 on February 15, 2012.
The Pomerantz Firm, with offices in New York, Chicago, and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Rachelle R. Boyle Pomerantz Haudek Grossman & Gross LLP firstname.lastname@example.org