| Company: | China Century Dragon Media, Inc |
| Ticker Symbol: | CDM |
| Class Period: | Feb-8-11 to Feb-26-11 |
| Date Filed: | Apr-1-11 |
| Lead Plaintiff Deadline: | May-31-11 |
| Court: | --- |
| Allegations: | |
China Century is a television advertising company that engages in the promotion, sale, and marketing of advertising packages on China television stations. The company was incorporated in 2009 in Delaware, and is headquartered in Huizhou City, Guangdong Province, China.
The lawsuit alleges that during the Class Period, China Century, 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 21, 2011, trading of China Century shares was halted. On March 28, 2011, China Century announced that its independent auditor, MaloneBailey LLP, resigned and had withdrawn its prior audit opinions of the company's financial statements for 2008 and 2009. MaloneBailey informed China Century 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."
China Century was also 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 China Century a subpoena for documents relating to the matters under review by the SEC.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
