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The Rosen Law Firm, P.A. announces that it is investigating potential civil securities claims against China Ceramics Co., Ltd. (NASDAQ:CCCL) resulting from allegations that the Company may have issued materially inaccurate statements about the Company’s true financial condition and prospects.
On May 1, 2014, NASDAQ announced that trading in China Ceramics was halted that day for “additional information requested” from the Company. On that same day, China Ceramics announced, among other things, that: (i) on April 30, 2014, the Company terminated the engagement of Grant Thornton as its principal independent registered public accountants; (ii) following the decision to terminate Grant Thornton, William L. Stulginsky tendered his resignation as an independent director and Chairman of the Audit Committee; (iii) the audit of the Company's consolidated financial statements for the year ended December 31, 2013 has not been completed; (iv) the Company is unable to timely file its Annual Report on Form 20-F for the year ended December 31, 2013; and (v) during the preparation of its 2013 financial statements the Company identified a write down of assets for the fourth quarter resulting from unused capacity at its Hengdali facility, which is currently estimated to be $7.5 million.
The Rosen Law Firm is preparing a securities class action lawsuit on behalf of China Ceramics investors. If you purchased China Ceramics stock prior to May 1, 2014 please visit the website at
http://rosenlegal.com to join the class action. You may also contact Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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