China Intelligent Lighting, Inc.
Robbins Umeda LLP Announces the Filing of a Class Action Lawsuit Against China Intelligent Lighting and Electronics, Inc.
Robbins Umeda LLP, a shareholder rights litigation firm, announces that a class action lawsuit has been filed on behalf of all persons or entities who purchased the common stock of China Intelligent Lighting and Electronics, Inc. (AMEX: CIL) between June 18, 2010 and March 29, 2011 (the “Class Period”).
CIL manufactures lights for residential and commercial use. The company was founded in 2006, is based in Huizhou City, Guangdong Province, China, and is incorporated in Delaware.
The lawsuit alleges that during the Class Period, CIL, its officers and directors, and certain underwriters violated federal securities laws by issuing materially false and misleading information in the company’s public offering documents.
On March 24, 2011, trading of CIL was halted. On March 29, 2011, the company announced that its independent auditor, MaloneBailey LLP, resigned and had withdrawn its prior audit opinions of the company’s financial statements for the year ended and as of December 31, 2009. MaloneBailey LLP attributed its resignation to accounting fraud involving forging of the company’s accounting records and bank statements, stating that it “believed that the accounting records of the Company have been falsified, which constitutes an illegal act.”
Further, CIL was recently notified by the U.S. Securities and Exchange Commission (“SEC”) that it has initiated a formal, non-public investigation into whether the company had made material misstatements or omissions concerning its financial statements. On March 24, 2011, the SEC served CIL a subpoena for documents relating to the matters under review by the SEC.
If you purchased CIL stock during the Class Period, you have until May 31, 2011, to move for lead plaintiff. To discuss your shareholder rights, please complete the form below and we will contact you directly. We also welcome you to call us at 800-350-6003.