Key Developments: Tibet Pharmaceuticals Inc (TBET.PK)
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12 Jun 2013
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3,300
9,079
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Latest Key Developments (Source: Significant Developments)
Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Tibet Pharmaceuticals Inc
Law Offices of Howard G. Smith announced that a class action lawsuit has been filed in the United States District Court for the District Court of the Virgin Islands on behalf of all persons or entities who purchased or otherwise acquired the common stock of Tibet Pharmaceuticals, Inc., pursuant and/or traceable to the Registration Statement and Prospectus issued in connection with Tibet's Initial Public Offering (the IPO), including all those who purchased Tibet stock after December 28, 2010 (the Class Period). The Complaint asserts violations of the federal securities laws against Tibet, its officers and directors, and underwriters of the IPO for issuing allegedly inaccurate statements of material fact about Tibet's financial and business condition, which ultimately caused trading of Tibet’s stock to be halted and delisted by the NASDAQ, causing investors to lose nearly their entire investment. The Complaint alleges that defendants misrepresented and failed to disclose Tibet's material internal control deficiencies, which rendered the Registration Statement and Prospectus materially false and misleading. Full Article
Faruqi & Faruqi, LLP Announces Investigation Of Potential Securities Fraud At Tibet Pharmaceuticals Inc
Faruqi & Faruqi, LLP, a national securities law firm, announced that it is investigating potential securities fraud at Tibet Pharmaceuticals, Inc. The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that Tibet Pharmaceuticals misrepresented and failed to disclose material internal control deficiencies, which rendered the Company's registration statement and prospectus to be materially false and misleading. These problems ultimately caused NASDAQ to halt and delist the Company's stock. Full Article
Bronstein, Gewirtz & Grossman, LLC Announces Class Action Lawsuit Against Tibet Pharmaceuticals, Inc
Bronstein, Gewirtz & Grossman, LLC announced that a class action suit was filed in the United States District Court for the District Court of the Virgin Islands on behalf of purchasers of the common stock of Tibet Pharmaceuticals, Inc who purchased shares after December 28, 2010. The Complaint asserts violations of the federal securities laws against Tibet Pharmaceuticals, its officers and directors, and underwriters for issuing inaccurate statements of material fact about the Company's true financial and business condition, which ultimately caused the Tibet Pharmaceutical's stock to be halted by the NASDAQ and delisted. The Complaint alleges defendants misrepresented and failed to disclose material internal control deficiencies, which rendered the Company's registration statement and prospectus to be materially false and misleading. Full Article
Rosen Law Firm Announces Investigation Against Tibet Pharmaceuticals Inc
Rosen Law Firm, P.A. announced that it is investigating potential securities claims against Tibet Pharmaceuticals, Inc. On April 3, 2012, the NASDAQ stock market announced that it had halted trading in Tibet Pharma stock for 'additional information requested'. The trading halt has rendered Tibet Pharma stock illiquid. The Rosen Law Firm is investigating potential securities claims against Tibet Pharmaceuticals in connection with the trading halt. Full Article
Tibet Pharmaceuticals Inc Announces Appointment Of Sherb & Co., LLP As New Independent Auditor
Tibet Pharmaceuticals Inc announced that it has engaged Sherb & Co., LLP (Sherb & Co.) as its new independent auditor. Sherb & Co. will commence its work immediately with the review of the Company's third quarter financial statements, which are to be included in the Company's upcoming form 10-Q. The Company did not have any disagreements with its previous auditor, Acquavella, Chiarelli, Shuster, Berkower & Co., LLP, on any matter of accounting principles or practices, financial statement disclosures or auditing scope or procedure. Full Article
Tibet Pharmaceuticals Inc Announces Search for New Auditor Upon Resignation of ACSB
Tibet Pharmaceuticals Inc announced the search for a new auditor as it learned that its independent certifying accountant, Acquavella, Chiarelli, Shuster, Berkower & Co., LLP (ACSB), resigned as Tibet Pharmaceuticals' independent registered public accounting firm. The resignation was not due to any disagreement with the company or any concerns about the company's financials, instead, it was in relation to ACSB pulling out of China. Because ACSB resigned, neither Tibet Pharmaceuticals' audit committee nor the board of directors recommended or approved the action. Instead, they learned of ACSB's resignation through a letter dated September 6, 2011. Full Article
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