Contact Information: Contact: Peretz Bronstein or Eitan Kimelman Bronstein, Gewirtz & Grossman, LLC 212-697-6484
Bronstein, Gewirtz & Grossman, LLC Announces That a Class Action Has Been Filed Against Noah Education Holdings, Ltd.
| Source: Bronstein, Gewirtz & Grossman, LLC
NEW YORK, NY--(Marketwire - November 10, 2008) - Bronstein, Gewirtz & Grossman, LLC 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 those who
purchased American Depository Shares ("ADSs") of Noah Education Holdings,
Ltd. ("Noah Education" or the "Company") (NYSE : NED ) in or traceable to the
Company's initial public offering ("IPO") on or about October 19, 2007 to
November 19, 2007 (the "Class Period")
The complaint charges Noah Education and certain of its officers, directors
with violation of the Securities Act of 1933. On or about September 24,
2007, Noah Education filed form F-1 Registration Statement with the SEC for
the IPO. On or about October 19, 2007 Noah Education conducted its IPO.
The IPO was a financial success for the Company, as it raised over $137
million by selling 9.85 million of the Company's ADSs to investors at a
share price of $14.00. Then on November 19, 2007, Noah Education disclosed
that that its gross profit margins had dramatically declined from 59.4% in
the same period the prior year to 50.2% in the current quarter, due largely
to "an increase in the purchasing of certain raw materials components...
during July and August." In response to this news, the price of Noah
Education ADSs dropped from $12.46 per ADSs to $6.72 on extremely heavy
trading volume.
No Class has yet been certified in the above action. If you wish to review
a copy of the Complaint, to discuss this action, or have any questions,
please contact either Peretz Bronstein or Eitan Kimelman of Bronstein,
Gewirtz & Grossman, LLC at 212-697-6484 or via email eitan@bgandg.com.
Those who inquire by e-mail are encouraged to include their mailing address
and telephone number. December 26, 2008 is the deadline for investors to
seek a lead plaintiff appointment.
Bronstein Gewirtz & Grossman, LLC is a corporate litigation boutique. Our
primary expertise is the aggressive pursuit of litigation claims on behalf
of our clients. In addition to representing institutions and other
investor plaintiffs in class action security litigation, the firm's
expertise includes general corporate work, private securities offerings,
and securities arbitration.