Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against China Sky One Medical, Inc.

Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of China Sky One Medical, Inc. (“China Sky One” or the “Company”) (NasdaqGM: CSKI) between April 16, 2009 and February 14, 2012 (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 (the “Complaint”).

If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Scott J. Farrell, Esquire of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to info@rigrodskylong.com, or at: http://www.rigrodskylong.com/investigations/china-sky-one-medical-inc-cski

China Sky One manufactures pharmaceutical and medicinal products, as well as diagnostic kits. The Complaint names the Company and certain of its officers and/or directors as defendants, and alleges that during the Class Period, defendants made materially false and misleading statements concerning the Company’s business and its prospects. Specifically, the Complaint alleges defendants misrepresented and/or failed to disclose that: China Sky One’s earnings were inflated; the Company’s gross margins were inflated; and the Company lacked adequate internal and financial controls.

The Complaint alleges that during the Class Period, doubt had been expressed about the accuracy of the Company’s various publicly reported financial results and metrics, including earnings and gross margins. Specifically, on May 19, 2011, China Economic Review published an article warning that China Sky One’s impressive financial results were suspect, based on a comparison of the Company and its close competitors. On February 15, 2012, the Company announced that its Chief Executive Officer was being treated for a life threatening illness and was taking a medical leave of absence, and that 26 middle-management level employees, including nine from the accounting department, had resigned. As a result of the foregoing disclosures, the price of China Sky One common stock fell approximately 28%, from $1.53 per share on February 14, 2012 to close at $1.10 per share on February 15, 2012.

If you wish to serve as lead plaintiff, you must move the Court no later than April 24, 2012. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

Attorney advertising. Prior results do not guarantee a similar outcome.

Copyright Business Wire 2010

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