Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a
class action lawsuit in the United States District Court for the
Southern District of New York on behalf of all purchasers of the
American Depositary Shares of China Medical Technologies, Inc. between
November 26, 2007 and December 12, 2011, inclusive seeking to pursue
remedies under the Securities Exchange Act of 1934.
A copy of the Complaint is available from the court or from Glancy
Binkow & Goldberg LLP. Please contact us by phone to discuss this
action or to obtain a copy of the Complaint at (310) 201-9150 or Toll
Free at (888) 773-9224, by email at shareholders@glancylaw.com, or visit
our website at http://www.glancylaw.com.
China Medical develops, manufactures and markets immunodiagnostic and
molecular diagnostic products. The Complaint alleges that throughout the
Class Period defendants made false and/or misleading statements and/or
failed to disclose material adverse facts about the Company's business,
operations and prospects, including: (1) that the Company’s acquisition
of Beijing Bio-Ekon Biotechnology Co. Ltd. (“BBE”) was from a
third-party seller connected to China Medical’s CEO; (2) that the
Company substantially overpaid to acquire BBE; (3) that China Medical’s
acquisition of BBE involved the use of fraudulent shell companies; (4)
that the Company was suffering substantial operating losses prior to the
acquisition; (5) that a majority of the Company’s accounts receivable
were in excess of 120 days; (6) that, as a result, China Medical’s
financial results were overstated; (7) that the Company lacked adequate
internal and financial controls; and (8), as a result of the foregoing,
that the Company's statements were materially false and misleading at
all relevant times.
Plaintiff seeks to recover damages on behalf of class members and is
represented by Glancy Binkow & Goldberg LLP, a law firm with
significant experience in prosecuting class actions and substantial
expertise in actions involving corporate fraud.
http://www.glancylaw.com
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