SOURCE: Rosen Law Firm P.A.

Rosen Law Firm P.A.

April 01, 2011 23:45 ET

The Rosen Law Firm Representing Shareholders in Class Action Lawsuit Charging China Intelligent Lighting and Electronics, Inc. -- CIL

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 Intelligent Lighting and Electronics, Inc. (NYSE Amex: CIL) during the period from June 18, 2010 through March 29, 2011, seeking to recover damages for violations of federal securities laws. 

To join the China Intelligent 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 Intelligent, its officers and directors, and underwriters for issuing materially false and misleading information in the Company's public offering documents. On March 29, 2011 the Company issued an announcement revealing that its auditor MaloneBailey LLP ("MB") had resigned and that MB had withdrawn its prior audit opinion of the Company's financial statements. MB said it "believed that the accounting records of the Company have been falsified, which constitutes an illegal act." MB also found that the accounting discrepancies could indicate a material error in previously issued financial statements. MB also stated that it could no longer rely on management's representations. The Company also disclosed that it is the subject of a formal SEC investigation.

Since March 24, 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
    Email Contact
    www.rosenlegal.com