Key Developments: China Sky One Medical Inc (CSKI.PK)
0.10USD
17 May 2013
$0.02 (+23.15%)
$0.08
$0.10
$0.10
$0.08
2,400
3,689
$1.28
$0.06
Latest Key Developments (Source: Significant Developments)
Newman Ferrara LLP Pursues Securities Fraud Claims Against China Sky One Medical, Inc.
Newman Ferrara LLP announced that a securities class action was filed on behalf of investors in China Sky One Medical, Inc. in the U.S. District Court for the Southern District of New York. According to the complaint, China Sky One failed to reveal to its shareholders that the company inflated its earnings and gross margins, while failing to implement proper internal and financial controls within the Company. On February 15, 2012, the Company announced that 26 middle-management level employees had resigned, and NASDAQ announced that trading of all China Sky One shares was suspended indefinitely until China Sky One released more information. China Sky One’s shares fell over 28% that same day, to close at $1.10 per share. Full Article
The NASDAQ Stock Market Announces Delisting Of Securities Of China Sky One Medical Inc
The NASDAQ Stock Market announced that it will delist the common stock of China Sky One Medical, Inc. China Sky One Medical, Inc.'s stock was suspended on March 08, 2012 and has not traded on NASDAQ since that time. Full Article
Faruqi & Faruqi, LLP Announces Investigation Of China Sky One Medical Inc
Faruqi & Faruqi, LLP, a national securities law firm, announced that it is investigating potential securities fraud at China Sky One Medical, Inc. The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that; China Sky One had improperly inflated its earnings and gross margins between 2009 and 2012; and the Company lacked effective internal and financial controls. On February 15, 2012, the Company disclosed the resignation of 26 Company managers and accountants. On that same day, NASDAQ announced that it had halted trading in the stock until it received adequate "additional information requested" from the Company. The Company announced that the many resignations, combined with CEO Yanqing Liu's absence from China One Sky on health grounds, are likely to materially adversely affect many aspects of the Company's business, including its ability to maintain customer relationships, meet production schedules, as well as maintain its internal controls. On these dismal revelations, the Company's shares declined $0.43 per share or 28%, to close at $1.10 on February 15, 2012. Full Article
Law Firm of Levi & Korsinsky Announces Class Action Against China Sky One Medical Inc
Law Firm of Levi & Korsinsky announced that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased China Sky One Medical, Inc. (China Sky One or the Company) stock between April 16, 2009 and February 14, 2012 (the Class Period). The Complaint alleges that defendants misrepresented and/or failed to disclose that China Sky One’s earnings and gross margins were inflated, and that the Company lacked adequate internal and financial controls. On May 19, 2011, China Economic Review published an article warning that China Sky One’s financial results were suspect, based on a comparison of the Company and its competitors. Full Article
The Rosen Law Firm Announces Class Action Against China Sky One Medical Inc
The Rosen Law Firm, P.A. announced that a class action lawsuit has been filed on behalf of investors who purchased the stock of China Sky One Medical, Inc. between April 16, 2009, and February 14, 2012, inclusive (Class Period). The Complaint asserts violations of the federal securities laws against China Sky One and its officers and directors for issuing false and misleading information to investors about the Company’s true financial and business condition. Specifically, the Complaint alleges defendants misrepresented that the Company improperly inflated earnings; the Company's gross margins were inflated; the Company had adequate internal and financial controls; and as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times. The Complaint alleges that when this adverse information entered the market the price of China Sky One securities dropped, causing investors losses. Full Article
Pomerantz Haudek Grossman & Gross LLP Files Class Action Against China Sky One Medical Inc
Pomerantz Haudek Grossman & Gross LLP announced that it has filed a federal securities class action 12 Civ. 1418 in the United States District Court, Southern District of New York, on behalf of all persons who purchased China Sky One Medical, Inc. (China Sky) securities between April 16, 2009 and February 14, 2012, inclusive (Class Period). This class action is brought under the Sections 10 and 20 of the Securities Exchange Act of 1934 against the Company and certain of its top officials. China Sky manufactures pharmaceutical and medicinal products and diagnostics kits. The Complaint alleges that throughout the Class Period, China Sky made false and/or misleading statements and/or failed to disclose that: the Company improperly inflated earnings; the Company's gross margins were inflated; the Company lacked adequate internal and financial controls; and as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times. Full Article
Bronstein, Gewirtz & Grossman, LLC Announces Investigation Of China Sky One Medical Inc
Bronstein, Gewirtz & Grossman, LLC announced that it is investigating potential claims on behalf of purchasers of the securities of China Sky One Medical, Inc., concerning whether the Company and certain of its Officers and Directors have violated federal securities laws. On February 15, 2012, after shares of China Sky plummeted 28%, the Nasdaq Stock Market announced that trading for the Company was halted. China Sky announced that it’s Chairman, President, and Chief Executive Office, Mr. Yanqing Liu, is being treated for a life-threatening illness. In addition, 26 middle-management level employees have resigned, of which 9 were in the accounting department, two were in the internal control department, two were in the information technology department, 11 were in the sales department, and two were in the production center. Although the Company is seeking to recruit personnel, it may not be able to hire qualified personnel in a timely manner, or at all. Full Article
China Sky One Medical Inc Wins Bidding Process On Land Use Rights Covering Land At Song Bei District in Harbin
China Sky One Medical, Inc. announced that the Company has won the bidding process on 50-year land use rights (Land Use Rights) covering approximately 85,000 m2 of land located in the High-Tech Development Zone of Song Bei District in Harbin, China (Land). The Company acquired the Land Use Rights for total consideration of approximately $7.3 million, which was originally deposited by the Company's wholly owned subsidiary, Harbin Tian Di Ren Medical Science and Technology Company, to Harbin High-Tech Development Zone during the second quarter of 2010. The Company intends to build a research and development center, an injection manufacturing facility, a logistics center and an office building on the Land during the first phase of development, which the Company currently expects to complete in the mid of 2012. Full Article
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