China-Biotics, Inc. CHBT Securities Fraud

September 20 2010 - by Lucy Campbell

Company:	China-Biotics, Inc.
Ticker Symbol:	CHBT
Class Period:	Jul-10-08 to Aug-30-10
Date Filed:	Sep-17-10
Lead Plaintiff Deadline:	Nov-16-10
Court:	Central District of California
Allegations:

New York, NY: A class action lawsuit has been filed on behalf of investors who purchased the securities of China-Biotics, Inc. ("China-Biotics" or the "Company") during the period between July 10, 2008 and August 30, 2010 (the "Class Period"), seeking to recover damages caused by Defendants' violations of federal securities laws. No class has yet been certified in this class action.

The Complaint asserts violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 against China-Biotics and certain of its present and former officers and directors for making material misstatements and omissions about the Company's true financial condition. According to the Complaint, during the Class Period Defendants misled investors about the quality, nature, and quantity of China-Biotics' purported retail outlets and stores. The Complaint also alleges that China-Biotics' fiscal 2008 financial statements filed with the SEC are materially false because the Company's fiscal 2008 financial statements filed with Chinese authorities reported merely a fraction of the cash, revenue and income set forth in the Company's 2008 financial statements with the SEC. The Complaint asserts that when this adverse information began to enter the market, the price of China-Biotics securities dropped, damaging investors.

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.

China-Biotics, Inc. CHBT Securities Fraud Legal Help

If you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible China-Biotics, Inc. securities class action lawsuit. Please fill in our form on the right to submit your complaint for a free evaluation.