Ryan & Maniskas, LLP (
) announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of purchasers the securities of China Education Alliance, Inc. (“China Education Alliance” or the “Company”) (NYSE:CEU) between March 31, 2009, to November 29, 2010, inclusive (the “Class Period”).
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at
The complaint alleges that China Education Alliance and certain of its officers and directors with violations of federal securities laws. Specifically, it is alleged that defendants knew or recklessly disregarded that they improperly reported $24.9 million in revenue in its 2008 annual report, contradicting a report that the Company's main operating subsidiary filed with the Chinese authorities, which revealed less than $1 million in revenue.
On November 29, 2010, Kerrisdale Capital published a 30-page report citing evidence that China Education Alliance overstated its revenue and profit and called the Company "mostly a hoax." On this news, shares of China Education Alliance fell 33.56% to close at $2.93 per share.
If you are a member of the class, you may, no later than January 31, 2011, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.