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If you purchased shares of China Information Technology, Inc. (NASDAQ: CNIT), and/or if you have any information relating the investigation, you have certain options and you should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this investigation, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Investigation Overview
An investigation on behalf of investor in China Information Technology, Inc. (NASDAQ:CNIT) shares was initiated over possible violations of Federal Securities Laws.
The investigation by a law firm focuses on whether China Information Technology, Inc. or others have violated federal securities laws by issuing false and misleading statements to its shareholders. Additionally the investigation concerns also whether certain directors and officers of China Information Technology, Inc. breached their fiduciary duties.
China Information Technology reported a substantial increase in its financial performance. China Information Technologys 12months Total Revenue increased from $30.34million in 2007 to $163.85million in 2010. Its Net Income increased from $13.33million in 07 to $34.40million in 2010.
Shares of China Information Technology, Inc. (NASDAQ CNIT) traded as high as $5.05 per share in March 2011.
Then on May 27, 2011 China Information Technology, Inc. (Nasdaq: CNIT) announced that Ms. Jackie You Kazmerzak will resign from her post as Chief Financial Officer effective May 30, 2011 to pursue another career opportunity.
CNIT stock fell from $2.50 on May 26 to as low as $1.77 on May 27, 2011 and closed at $2.00 per share.
