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China-Biotics Inc. under long term Shareholder Investigation
Investigation by current long term investors of China-Biotics Inc. (NASDAQ:CHBT) over potential breaches of fiduciary duty - CHBT stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com
A lawsuit on behalf of investors in China-Biotics Inc, who purchased CHBT shares between July 10, 2008 and August 30, 2010, alleging securities laws violations by China-Biotics. was filed last month. Meanwhile an investigation on behalf of current long term investors in China-Biotics Inc. (NASDAQ:CHBT), including those who purchased also prior to July 2008 and presently continue to hold those CHBT shares, over possible breaches of fiduciary duty was announced.
If you are a current long term investor in securities of China-Biotics Inc. (NASDAQ:CHBT), including also those who purchased their CHBT shares prior to July 2008 and continue to presently hold those shares, you have certain options and you should contact the Shareholders Foundation, Inc by email mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the recently filed complaint in the U.S. District Court for the Central District of California the plaintiff alleges on behalf those, who purchased CHBT shares between July 10, 2008 and August 30, 2010, that China-Biotics violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by making between July 10, 2008 and August 30, 2010 material misstatements and omissions about China-Biotics true financial condition. The plaintiff alleges that between July 10, 2008 and August 30, 2010 Defendants misled investors about the quality, nature, and quantity of China-Biotics' purported retail outlets and stores.
The investigation by a law firm on behalf of current China-Biotics long term investors, including those who purchased also prior to July 2008 and presently continue to hold those CHBT shares, focuses on potential breaches of fiduciary duty by certain officers and directors of China-Biotics Inc in connection with the alleged securities laws violations.
The above stated complaint also alleges that China-Biotics' fiscal 2008 financial statements filed with the U.S. Securities and Exchanges Commission (“SEC”) are materially false because China-Biotics' fiscal 2008 financial statements filed with Chinese authorities reported merely a fraction of the cash, revenue and income set forth in China-Biotics' 2008 financial statements with the SEC. The Complaint asserts that when this adverse information began to enter the market, the price of China-Biotics securities dropped, damaging investors. Shares of China-Biotics Inc. (NASDAQ:CHBT) traded recently at $11.33 per share, down from its 52weekHigh of $19.74 per share.
Those who are current long term investors in securities of China-Biotics Inc. (NASDAQ:CHBT), including also those who purchased their CHBT shares prior to July 2008 and continue to presently hold those shares, have certain options and should contact the Shareholders Foundation, Inc by email mail@shareholdersfoundation.com or call +1(858) 779 – 1554.