Faruqi & Faruqi, LLP Investigates Potential Wrongdoing at China Intelligent Lighting and Electronics, Inc. - CIL
March 30 2011 - 2:42PM
Business Wire
Faruqi & Faruqi, LLP, a national law firm concentrating on
investors rights, consumer rights and enforcement of federal
antitrust laws, is investigating potential wrongdoing at China
Intelligent Lighting and Electronics, Inc. (“China Intelligent
Lighting” or the “Company”) (AMEX: CIL). Faruqi & Faruqi, LLP,
seeks to determine whether China Intelligent Lighting has violated
federal securities laws by issuing false and misleading financial
statements to its shareholders, in particular in connection with
its recent public offering of its common stock.
Request more information now by clicking here:
www.faruqilaw.com/CIL
On March 29, 2011, China Intelligent Lighting disclosed that its
independent auditor, MaloneBailey LLP (“MaloneBailey”), had
formally resigned, AMEX had issued a delisting notice and the
Securities and Exchange Commission (the “SEC”) was investigating
the Company. MaloneBailey cited accounting fraud involving forging
of the Company’s accounting records and bank statements. The
auditor believes that accounting irregularities may create material
errors in previously disclosed financial statements and that they
can no longer support its opinion relating to the Company’s
financial statements for the year ended December 31, 2009.
MaloneBailey’s resignation led AMEX to delist China Intelligent
Lighting’s common stock and the SEC to initiate a formal, nonpublic
investigation into whether the Company had made material
misstatements or omissions concerning its financial statements,
including cash accounts and accounts receivable. On March 24, 2011,
the SEC has served a subpoena for documents on China Intelligent
Lighting relating to matters under review by the SEC. In response,
China Intelligent Lighting’s Board of Directors formed a special
committee to investigate these matters.
Take Action
If you purchased China Intelligent Lighting (CIL) securities
either in its private placement or any time before China
Intelligent Lighting’s March 29, 2011 announcement and you would
like to discuss your legal rights, visit www.faruqilaw.com/CIL or
contact us by calling or sending an e-mail to Anthony Vozzolo at
Faruqi & Faruqi, LLP, toll free, at 877-247-4292 or
212-983-9330 or avozzolo@faruqilaw.com. Faruqi & Faruqi, LLP,
also encourages anyone with information regarding China Intelligent
Lighting’s conduct during the period in question to contact the
firm, including whistleblowers, former employees, shareholders and
others.
About Faruqi & Faruqi, LLP
Faruqi & Faruqi, LLP is a boutique law firm, representing
investors, consumers and companies in the prosecution of claims
under state corporate and consumer laws and the federal securities
and antitrust laws. The firm is focused on providing exemplary
legal services in complex litigation. Founded in 1995, the firm
maintains its principal office in New York City, with offices in
Delaware, California, Florida and Pennsylvania. The lawyers at
Faruqi & Faruqi, LLP have demonstrated a clear commitment to
championing the rights of shareholders and consumers
nationwide.
Attorney Advertising. (C) 2011 Faruqi & Faruqi, LLP. The law
firm responsible for this advertisement is Faruqi & Faruqi, LLP
(www.faruqilaw.com). Prior results do not guarantee or predict a
similar outcome with respect to any future matter. We are happy to
discuss your particular case.
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