SOURCE: Rosen Law Firm

Rosen Law Firm

April 01, 2011 23:45 ET

The Rosen Law Firm Representing Shareholders in Class Action Lawsuit Charging China Century Dragon Media, Inc. With Securities Fraud -- CDM

NEW YORK, NY--(Marketwire - April 1, 2011) -  The Rosen Law Firm, P.A. today announced that it has filed a class action lawsuit on behalf of investors who purchased the securities of China Century Dragon Media, Inc. (NYSE Amex: CDM) from February 8, 2011 to March 26, 2011, seeking to recover damages for violations of federal securities laws. 

To join the China Century class action, visit the firm's website at http://rosenlegal.com, or call Laurence Rosen, Esq. or Phillip Kim, Esq., toll-free, at 866-767-3653; you may also email lrosen@rosenlegal.com or pkim@rosenlegal.com for information on the class action. The case filed by the Rosen Law Firm is pending in the U.S. District Court for the Central District of California.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.

The Complaint asserts violations of the federal securities laws against China Century, its officers and directors, and certain underwriters for issuing materially false and misleading information in the Company's public offering documents. On March 28, 2011 the Company issued an announcement revealing that its auditor MaloneBailey LLP ("MB") had resigned and that MB had withdrawn its prior audit opinions of the Company's financial statements contained in the offering documents. MB informed the Company that "due to discrepancies noted on customer confirmations and the auditor's inability to directly verify the Company's bank records, they believe these irregularities may be an indication that the accounting records have been falsified, which would constitute an illegal act." As a result, MB "is unable to rely on management's representations as they relate to previously issued financial statements and it can no longer support its opinions related to the financial statements as of December 31, 2009 and 2008." The announcement also revealed that the Company was subject to a formal investigation by the SEC into whether "the Company had made material misstatements or omissions concerning its financial statements, including cash accounts and accounts receivable." 

Since March 21, 2011 trading in the Company's stock has been halted, rendering the Company's stock illiquid and damaging investors.

If you wish to serve as lead plaintiff, you must move the Court no later than May 31, 2011. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Laurence Rosen, Esq. or Phillip Kim, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at lrosen@rosenlegal.com or pkim@rosenlegal.com. You may also visit the firm's website at http://rosenlegal.com.

The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.

Contact Information

  • Contact:
    Laurence Rosen, Esq.
    Phillip Kim, Esq.
    The Rosen Law Firm P.A.
    275 Madison Avenue, 34th Floor
    New York, New York 10016
    Tel: (212) 686-1060
    Weekends Tel: (917) 797-4425
    Toll Free: 1-866-767-3653
    Fax: (212) 202-3827
    Email Contact
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    www.rosenlegal.com