Robbins Umeda LLP Announces an Investigation of China Agritech, Inc.
February 09 2011 - 6:14PM
Business Wire
Robbins Umeda LLP, a shareholder rights litigation firm, has
commenced an investigation into possible breaches of fiduciary duty
and other violations of the law by certain officers and directors
at China Agritech, Inc. (NASDAQ GS: CAGC). China Agritech, through
its subsidiaries, manufactures and sells organic liquid compound
fertilizers, organic granular compound fertilizers, and related
agricultural products in the People's Republic of China. The
company was founded in 2003 and is headquartered in Beijing, the
People's Republic of China.
Robbins Umeda LLP's investigation concerns whether the officers
and directors of China Agritech issued materially inaccurate
financial statements to the investing public between February 8,
2010 and February 3, 2011.
On or about February 3, 2011, analyst firm LM Research issued a
report alleging that the China Agritech is simply a shell for
transferring shareholder wealth from outside investors into the
pockets of the founders and management. The report highlighted
incidences of fraud within the company, as well as the company's
lack of technology, intellectual property, customer relationships,
and capital assets. The report also claims that China Agritech's
U.S. financial statements were materially different than the
financial statements filed with Chinese authorities by a number of
the company's subsidiaries. These disclosures of potential fraud
concerning China Agritech caused the stock price to drop, damaging
investors.
If you own stock in China Agritech and would like more
information about your rights as a shareholder, please contact
attorney Gregory E. Del Gaizo at 800-350-6003 or by e-mail at
info@robbinsumeda.com.
Robbins Umeda LLP represents individual and institutional
shareholders in derivative, direct, and class action lawsuits. The
law firm's skilled litigation teams include former federal
prosecutors, former defense counsel from top multinational
corporate law firms, and career shareholder rights attorneys.
Robbins Umeda LLP has helped its clients realize more than $1
billion of value for themselves and the companies in which they
have invested. For more information, please go to
http://www.robbinsumeda.com.
Attorney Advertising. Past results do not guarantee a similar
outcome. We welcome you to contact us today to discuss your
case.
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