Milberg LLP announces that a class action lawsuit was filed on behalf of all purchasers of China Sky One Medical, Inc. (Pink Sheets: CSKI) common stock between April 16, 2009 and February 14, 2012 (“Class Period”), in the United States District Court for the Southern District of New York.
Milberg LLP has created a website ( chinaskyonemedicallawsuit.com) that seeks to answer questions investors typically have about shareholder class actions.
The complaint alleges that China Sky One did not disclose to shareholders that during the Class Period the company improperly inflated earnings and gross margins and lacked adequate internal and financial controls.
On February 15, 2012, China Sky One disclosed the resignation of 26 middle-management level employees. On the same day, NASDAQ said it had halted trading in China Sky One’s shares until it received adequate “additional information requested” from the company. In reaction to the news, shares of China Sky One fell 28%, to close at $1.10 per share on February 15, 2012.If you purchased China Sky One shares during the Class Period you may, no later than April 24, 2012, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a class member that represents other class members in directing the litigation. Your share in any recovery will not be affected by serving as a lead plaintiff, however, lead plaintiffs make important decisions that could affect the overall recovery for class members. You do not need to be a lead plaintiff to recover. You may retain Milberg LLP, or other attorneys, for this action, but do not need to retain counsel to recover. If this action is certified as a class action, class members will be automatically represented by Court-appointed counsel. The complaint in this action was not filed by Milberg. Milberg LLP has represented individual and institutional investors for over four decades and serves as lead counsel in Courts throughout the United States. Visit the Milberg website ( www.milberg.com) for more information about the firm. If you wish to discuss this matter with us, please contact the following attorneys:
Andrei Rado, Esq.
One Pennsylvania Plaza, 49th Fl.
New York, NY 10119-0165
Phone number: (800) 320-5081