| Company: | China MediaExpress Holdings, Inc |
| Ticker Symbol: | CCME |
| Class Period: | Nov-8-10 to Feb-3-11 |
| Date Filed: | Feb-7-11 |
| Lead Plaintiff Deadline: | Apr-8-11 |
| Court: | Southern District of New York |
| Allegations: | |
China MediaExpress purports to operate the largest television advertising network on inter-city and airport express buses in China. The Complaint alleges that defendantsmade false and/or misleading statements and/or failed to disclose that: (1) the Company misrepresented the number of buses in its advertising network; (2) the Company misrepresented the nature and extent of its business relationships; (3) as a result, that the Company's financial results were overstated during the Class Period; and (4), as a result of the above, that the Company's statements concerning China MediaExpress' business, operations and prospects were materially false and misleading at all relevant times.
On January 31, 2011, analyst firm Citron Research published a report alleging that China MediaExpress has misrepresented, among other things, the scope of its operations, its financial performance, and the extent of the Company's claimed strategic partnership with a government-affiliated entity. The Citron report concluded that the Company "does not exist at the scale that they are reporting to the investing public." Then, on February 3, 2011, analyst firm Muddy Waters issued a report echoing many of the allegations in the Citron report. On this news, China MediaExpress shares declined 33.23%, to close on February 3, 2011, at $11.09 per share on unusually heavy volume.
Then, on February 3, 2011, analyst firm Muddy Waters issued a report echoing many of the allegations in the Citron report. On this news, China MediaExpress shares declined 33.23%, to close on February 3, 2011, at $11.09 per share on unusually heavy volume.
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.
