China Century Dragon Media, Inc. (NYSE: CDM)
MURRAY, FRANK & SAILER LLP is investigating securities fraud claims against China Century Dragon Media, Inc. ("China Century" or the "Company") (NYSE: CDM) and certain of its officers, on behalf of purchasers of China Century securities between February 8, 2011 and March 25, 2011, inclusive (the "Class Period").
The investigation concerns violations of the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act") that occurred when the Defendants issued materially false and misleading statements or omitted to state material information during the Class Period regarding China Century's financial performance and business prospects.
Specifically, it is alleged that during the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that the financial statements for fiscal years 2008 and 2009, included in China Century's Registration Statement, were materially false and misleading. Further, it is alleged that as a result of the Defendants' misstatements, China Century's stock traded at artificially inflated prices throughout the Class Period.
On March 28, 2011, the Company issued a press release announcing, among other things, (1) the resignation of the Company's auditor, due to the auditor's belief that it could not rely on the representations of China Century's management, or support its opinions related to the Company's previously issued financial statements for fiscal years 2008 and 2009; (2) that China Century had received notification from NYSE Amex LLC of its intention to delist the Company's stock; (3) that the SEC had initiated a formal, non-public investigation into whether the Company had made material misstatements or omissions concerning its financial statements; (4) that the Company had formed a Special Committee to investigate the concerns of its auditor; and (5) that the Company would be unable to timely issue its financial results for fiscal year 2010.
If you purchased China Century securities within the Class Period, and you wish to discuss this investigation, or have any questions concerning this notice or your rights or interests with respect to these matters, please contact us.
MURRAY, FRANK & SAILER LLP