Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all purchasers of the common stock of China Ceramics Co., Ltd. (“China Ceramics” or the “Company”) (NASDAQ:CCCL) between March 30, 2012 and May 1, 2014, inclusive (the “Class Period”).
China Ceramics is based in the People’s Republic of China and is a leading Chinese manufacturer of ceramic tiles used for exterior siding and for interior flooring and design in residential and commercial buildings. The Complaint alleges that the Company misrepresented or failed to disclose material weakness in the Company’s internal control over financial reporting and the risk of writedowns of its assets.
On November 13, 2013, the Company announced its financial results for third quarter 2013, and disclosed a substantial asset writedown of property, plant and equipment. Then, on May 1, 2014, NASDAQ announced a halt in trading of the common shares of China Ceramics pending “additional information requested." Also on May 1, 2014, the Company filed with the Securities and Exchange Commission a notification of the Company’s inability to timely file its annual report with the SEC for the year ended December 31, 2013.
If you are a member of the Class described above, you have until August 5, 2014, to move the Court to serve as lead plaintiff, if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.