| Company: | LJ International, Inc. |
| Ticker Symbol: | NASD: JADE |
| Class Period: | February 15, 2007 to September 6, 2007 |
| Date Filed: | Sep-19-07 |
| Lead Plaintiff Deadline: | Nov-19-07 |
| Court: | Central District, CA |
| Allegations: |
A class action has been commenced in the United States District Court for the Central District of California on behalf of purchasers of LJ International, Inc. ("LJI") (Nasdaq:JADE) common stock during the period from February 15, 2007 through September 6, 2007, inclusive (the "Class Period").
The complaint charges LJI and certain of its officers and directors with violations of the Securities Exchange Act of 1934 for allegedly issuing false and misleading statements about its business prospects, financial condition, and its statements of revenues and net income. In particular, the Complaint asserts that throughout the Class Period, the Company issued false and misleading reports overstating the Company's fiscal 2005 and 2006 financial results.
On July 16, 2007, LJI announced that it was delaying the release of its fourth quarter 2006 through second quarter 2007 financial results because the Company's new auditors were unable to sign off on the Company's financial statements. On September 6, 2007, LJI revealed that it had failed to achieve the projected fourth quarter and fiscal 2006 financial results LJI had previously issued on January 8, 2007 -- and later upgraded on February 15, 2007 -- due to a potential tax provision, and that its fiscal 2006 earnings report of $3 million would "likely be adversely impacted." The Complaint asserts that as a result of these and other adverse disclosures, the Company's stock price fell dramatically and caused investors losses.
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.
The complaint charges LJI and certain of its officers and directors with violations of the Securities Exchange Act of 1934 for allegedly issuing false and misleading statements about its business prospects, financial condition, and its statements of revenues and net income. In particular, the Complaint asserts that throughout the Class Period, the Company issued false and misleading reports overstating the Company's fiscal 2005 and 2006 financial results.
On July 16, 2007, LJI announced that it was delaying the release of its fourth quarter 2006 through second quarter 2007 financial results because the Company's new auditors were unable to sign off on the Company's financial statements. On September 6, 2007, LJI revealed that it had failed to achieve the projected fourth quarter and fiscal 2006 financial results LJI had previously issued on January 8, 2007 -- and later upgraded on February 15, 2007 -- due to a potential tax provision, and that its fiscal 2006 earnings report of $3 million would "likely be adversely impacted." The Complaint asserts that as a result of these and other adverse disclosures, the Company's stock price fell dramatically and caused investors losses.
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.
