SOURCE: Bronstein, Gewirtz & Grossman, LLC

November 10, 2008 17:46 ET

Bronstein, Gewirtz & Grossman, LLC Announces That a Class Action Has Been Filed Against Noah Education Holdings, Ltd.

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 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.

Contact Information

  • Contact:
    Peretz Bronstein or Eitan Kimelman
    Bronstein, Gewirtz & Grossman, LLC
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