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China Sky One Medical Inc (NASDAQ: CSKI) Investor Securities Class Action Lawsuit 02/24/2012

  • If you purchased shares of China Sky One Medical Inc (NASDAQ: CSKI), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
China Sky One Medical, Inc.
Security
NASDAQ: CSKI

Case Name
China Sky One Medical Shareholder Class Action Lawsuit 02/24/2012
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

May 4, 2012 - The court ordered to terminate the case.
May 3, 2012 - The plaintiff filed a notice of voluntary dismissal without prejudice.

February 24, 2012 - An investor in shares of China Sky One Medical Inc (NASDAQ: CSKI) filed a lawsuit in U.S. District Court for the Southern District of New York against China Sky One Medical Inc over alleged Violations of Federal Securities Laws in connection with certain financial Statements.

According to the complaint the plaintiff alleges on behalf of all persons who purchased China Sky One Medical Inc (NASDAQ: CSKI) securities between April 16, 2009 and February 14, 2012, that China Sky One Medical Inc and certain of its top officials violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Specifically, the plaintiff claims that defendants between April 16, 2009 and February 14, 2012 made false and/or misleading statements and/or failed to disclose that China Sky One Medical Inc improperly inflated earnings, China Sky One Medical Inc's gross margins were inflated, China Sky One Medical Inc lacked adequate internal and financial controls, and as a result of the foregoing, the China Sky One Medical Inc's statements were materially false and misleading at all relevant times.

China Sky One Medical Inc reported a substantial increase in its 12months Total Revenue increased from 2007 to 2010. While in 2007 China Sky One Medical Inc reported a 12month Total Revenue of $49.32million in 2010 it reported $132.66million. Its Net Income rose from $15.33million in 2007 to $35.96million in 2010.

On September 4, 2009, the SEC issued a formal order of investigation relating to certain of China Sky One Medical Inc’s accounting, record-keeping and disclosure practices.

On February 15, 2012 China Sky One Medical Inc announced that its Chairman, President and Chief Executive Officer is being treated for a life-threatening illness. In addition China Sky One Medical Inc said that 26 middle-management level employees have recently resigned, of which 9 were in the accounting department, 2 were in the internal controls department, 2 were in the IT department, 11 were in the sales department, and 2 were in the production center.

The same day the NASDAQ Stock Market announced that trading was halted today in China Sky One Medical Inc (NASDAQ: CSKI) at 10:22:17 a.m., Eastern Time, for additional information requested from the company at a last price of $1.10.

The NASDAQ Stock Market said that Trading will remain halted until China Sky One Medical Inc has fully satisfied NASDAQ's request for additional information.