China Agritech, Inc.
Class Period: Feb 8, 2010 to Mar 11, 2011
Lead Plaintiff Deadline: Apr 12, 2011 + Deadline passed
Summary of Case:
A securities class action has been filed against China Agritech, Inc. (CAGC) ("Agritech" or the "Company") on behalf of all securities purchasers from February 8, 2010 through March 11, 2011, inclusive ("Class Period") in the United States District Court for the Central District of California.
The complaint alleges that during the Class Period, Agritech issued materially false and misleading statements and omitted to state material facts that rendered their affirmative statements misleading as they related to the Company's financial performance, business prospects, and true financial condition. Particularly, on February 3, 2011, an analyst, LM Research, citing documents, issued a report demonstrating that the Company's statements of revenues and earnings for the fiscal year ended December 31, 2009 filed with the SEC were materially overstated when compared to the financial statements Agritech's subsidiaries filed with Chinese authorities. When this adverse information began to enter the market, it caused the Agritech's stock to fall 8.7% on February 3, 2010 on extraordinarily heavy trading volume.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.