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TheStreet Open House

Hagens Berman Reminds CCME Investors With Losses Exceeding $300,000 Of April 5 Lead Plaintiff Deadline In Securities Fraud Lawsuit

Stocks in this article: CCME

Hagens Berman Sobol Shapiro LLP, a nationwide, investor-rights law firm, notified CCME investors with losses exceeding $300,000 that they have only six days until the April 5 deadline to file for lead plaintiff in the class-action lawsuit against China MediaExpress Holdings, Inc. (NASDAQ: CCME) (“China MediaExpress” or the “Company”).

Shareholders who purchased stock from China MediaExpress from May 14, 2010, to March 11, 2011, (the “Class Period”) and experienced significant losses are encouraged to contact Hagens Berman partner Reed R. Kathrein at 510-725-3000 for a personal consultation. Investors can also contact the Hagens Berman legal team through email at CCME@hbsslaw.com.

A lawsuit, filed in the U.S. District Court for the Southern District of New York, claims China MediaExpress misrepresented its operations and financial statements. The lawsuit came after CCME announced that its independent auditor, Deloitte Touche Tohmatsu (DTT), had resigned because it was “no longer able to rely on the representations of management.” Its Chief Financial Officer Jacky Lam also resigned.

Hagens Berman continues to investigate the auditor’s possible role in the alleged fraud. On March 29, 2011, China MediaExpress filed an 8-K further describing the contents of a March 11 letter from its auditors, in which DTT raised the following concerns prior to its resignation and asserted that China MediaExpress was not willing to precede in good faith:

  • A loss of confidence in the Company’s bank statements, and confirmation procedures carried out under circumstances that DTT believed to be suspicious;
  • Possibilities of undisclosed bank accounts and bank loans;
  • Unverified cash deposits for salary payments;
  • Legitimacy concerns of certain advertising agents, customers (including the Company’s top customers) and bus operators;
  • Potential double counting of a certain number of buses participating in advertising programs;
  • Inconsistent financial information provided to DDT and comparable information on file with the State Administration of Industry and Commerce as to certain subsidiaries;
  • Validity concerns of tax invoices issued in connection with certain large transactions;
  • Verification issues with certain subsidiary tax payments with the local office of the State Administration of Taxation;
  • And potential implications these issues may have for the Company’s consolidated financial statements for 2009 and DTT’s report thereon.

China MediaExpress responded that the audit report from DTT on the financial statements of the Company for 2009 did not contain any adverse opinion or disclaimer of opinion and was not qualified or modified as to uncertainty, audit scope or accounting principles.

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