Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of China Medical Technologies, Inc. (“China Medical” or the “Company”) (NASDAQGS: CMED), concerning whether the company and certain of its officers and directors have violated federal securities laws.
On Tuesday December 6, 2011 shares of China Medical plunged approximately 23 % after research firm, Glaucus Research Group ("Glaucus") alleged that China Medical’s CEO “orchestrated an acquisition to embezzle roughly $20-$23 million from the public company.” Glaucus said it believes the medical device maker overpaid for the acquisition from an entity it believes is secretly related China Medical’s Chairman and CEO, Xiaodong Wu. Glaucus also alleged that China Medical sold its primary business segment, responsible for the majority of the firm's sales since inception, to the chairman. This transaction was designed to conceal that the Chinese FDA was about to suspend the company's permit to sell HIFU products, thus rendering the company's core business segment worthless.
If you are aware of any facts relating to this investigation, or purchased shares of China Medical, you can assist this investigation by contacting either Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email
. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of both class and individual litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate work, litigation and securities arbitration.