SOURCE: Dyer & Berens LLP

Dyer & Berens LLP

December 15, 2010 14:01 ET

Dyer & Berens LLP Announces Class Action on Behalf of China Education Alliance, Inc. Investors; Reminds Investors of Important Deadline (CEU)

DENVER, CO--(Marketwire - December 15, 2010) - The law firm of Dyer & Berens LLP (www.DyerBerens.com) announced today that a class action securities fraud lawsuit has been filed in the United States District Court for the Central District of California on behalf of purchasers of China Education Alliance (NYSE: CEU) common stock during the period between March 31, 2009 and November 29, 2010 (the "Class Period"). 

If you wish to serve as a lead plaintiff, you must seek such an appointment with the court no later than January 31, 2011. A "lead plaintiff" directs the litigation and participates in important decisions including whether to accept a settlement offer and how much of a settlement to accept for the class in the action. The lead plaintiff here will be selected from among applicants claiming the largest loss from investment in the company during the Class Period. Any member of the putative 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.

If you wish to discuss the action, the lead plaintiff process, or have any questions concerning your rights or interests in the litigation, please contact Jeffrey A. Berens, Esq. at (888) 300-3362 x302, (303) 861-1764, or via email at jeff@dyerberens.com.

The complaint charges China Education Alliance and certain of its current and former officers with violations of the federal securities laws. Specifically, it is alleged that defendants knew or recklessly disregarded that the company improperly reported $24.9 million in revenue in its 2008 annual report, contradicting a report that the company's main operating subsidiary filed with the Chinese authorities, which revealed less than $1 million in revenue. On November 29, 2010, Kerrisdale Capital published a 30-page report citing evidence that China Education Alliance overstated its revenue and profit and called the company "mostly a hoax." On this news, shares of China Education Alliance common stock fell more than 30%.

Dyer & Berens LLP has significant expertise in prosecuting investor class actions. The firm's extensive experience in securities litigation, particularly in cases brought under the Private Securities Litigation Reform Act, has contributed to the recovery of hundreds of millions of dollars for aggrieved investors. For more information about the firm, please go to www.DyerBerens.com.

Contact Information

  • Contact:

    Jeffrey A. Berens
    Dyer & Berens LLP
    303 East 17th Avenue, Suite 300
    Denver, CO 80203
    Tel: (888) 300-3362 x302 or (303) 861-1764
    Email: Email Contact
    Website: www.DyerBerens.com