Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a class action lawsuit in the United States District Court for the Central District of California on behalf of a class consisting of all persons or entities who purchased or otherwise acquired the securities of China Intelligent Lighting and Electronics, Inc. (“CIL” or the “Company”) (NYSE AMEX:CIL) pursuant and/or traceable to the Company’s Registration Statement and Prospectus issued in connection with the Company’s initial public offering commencing on or about June 17, 2010, including CIL securities purchased or otherwise acquired between June 18, 2010 and March 29, 2011, inclusive (the “Class Period”).

A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.

CIL manufactures residential lighting, commercial lighting, outdoor lighting and lighting accessories. The Complaint charges CIL and certain of its executive officers and/or directors, among others, with violations of federal securities laws. Specifically, defendants misrepresented and/or failed to disclose that: (1) there were discrepancies in the Company’s accounts receivables; (2) certain of the Company’s bank statements and accounting records had been falsified; (3) as a result, the Company’s financial statements were misstated; (4) as such, the Company’s financial statements were not prepared in accordance with Generally Accepted Accounting Principles (“GAAP”); (5) the Company lacked adequate internal and financial controls; and (6), as a result of the foregoing, the Company’s statements were materially false and misleading at all relevant times. On March 29, 2011, CIL disclosed that on March 23, 2011, the Company had provided notice to MaloneBailey LLP (“MaloneBailey”), the Company’s independent registered accounting firm, that CIL was terminating MaloneBailey, effective immediately. The Company further announced that on March 24, 2011, CIL had received a resignation letter from MaloneBailey indicating that “MaloneBailey believed that the accounting records of the Company ha[d] been falsified,” that the “discrepancies could indicate a material error in previously issued financial statements” and, as a result, that MaloneBailey was “unable to rely on management’s representations as they relate to previously issued financial statements.” CIL also disclosed that the Securities and Exchange Commission had commenced a formal investigation related to the Company’s financial statements. Since March 24, 2011, trading in the Company’s stock has been halted.

Plaintiff seeks to recover damages on behalf of class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.

If you are a member of the class described above, you may move the Court, no later than May 31, 2011, to serve as lead plaintiff; however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.

China Intelligent Lighting And Electronics Common Stock (AMEX:CIL)
Historical Stock Chart
From Nov 2024 to Dec 2024 Click Here for more China Intelligent Lighting And Electronics Common Stock Charts.
China Intelligent Lighting And Electronics Common Stock (AMEX:CIL)
Historical Stock Chart
From Dec 2023 to Dec 2024 Click Here for more China Intelligent Lighting And Electronics Common Stock Charts.