| Company: | China Intelligent Lighting and Electronics, Inc |
| Ticker Symbol: | CIL |
| Class Period: | Jun-18-10 to Mar-29-11 |
| Date Filed: | Apr-8-11 |
| Lead Plaintiff Deadline: | Jun-7-11 |
| Court: | Central District of California |
| Allegations: | |
The Complaint names China Intelligent, certain of the Company' current executive officers and directors, and certain underwriters as defendants. China Intelligent manufactures lights and provides residential lighting, commercial lighting, outdoor lighting, LED accessories, and lighting accessories.
The Complaint alleges that the Company, certain of its officers and directors, and certain underwriters issued materially false and misleading information in China Intelligent' IPO documents and in its filings with the United States Securities and Exchange Commission ("EC") concerning the Company' financial condition and internal controls.
On March 29, 2011, China Intelligent issued a press release wherein it announced the resignation of its independent auditor, MaloneBailey LLP ("MB"). MB' resignation letter described its resignation being due to "accounting fraud involving forging of the Company' accounting records and forging bank statements, in addition to other discrepancies identified in the Company' accounts receivable."The resignation letter indicated that MB believed that China Intelligent' accounting records have been falsified, which constitutes an illegal act. As a result, MB stated that it was "unable to rely on management' representations as they relate to previously issued financial statements and it can no longer support its opinion related to the Company' financial statements for year ended and as of December 31, 2009."
In addition, on March 24, 2011, Michael Askew resigned as a member of the China Intelligent Board of Directors, including his position as Chairman of the Company' Audit Committee. Moreover, China Century was also notified by the SEC that it has initiated a formal, non-public investigation into whether the Company made material misstatements or omissions concerning its financial statements. On March 24, 2011, the SEC served a subpoena on China Intelligent regarding its investigation.
Trading in China Intelligent' stock has been halted since March 24, 2011 and, to date, has not resumed.
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.
