China Intelligent Lighting and Electronics, Inc. (AMEX: CIL)
MURRAY, FRANK & SAILER LLP is investigating securities fraud claims against China Intelligent Lighting and Electronics, Inc. ("China Intelligent" or the "Company") (AMEX: CIL) and certain of its officers, on behalf of purchasers of China Intelligent securities between June 18, 2010 and March 29, 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 Intelligent's financial performance, business prospects, and internal controls.
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 year 2009 and the first quarter of fiscal year 2010, included in China Intelligent's Registration Statement, were materially false and misleading. Further, it is alleged that as a result of the Defendants' misstatements, China Intelligent's stock traded at artificially inflated prices throughout the Class Period.
On March 24, 2011, trading in China Intelligent's stock was halted without explanation. Subsequently, on March 29, 2011, the Company issued a press release announcing, among other things, (1) the resignation/termination of the Company's auditor, due to the auditor's belief that the Company's accounting records had been falsified, and that as a result the Company's financial statements contained material errors and could not be relied upon; (2) that the SEC had initiated a formal, non-public investigation into whether the Company had made material misstatements or omissions concerning its financial statements; (3) that the Company had formed a Special Committee to investigate the concerns of its auditor; and (4) that the Company would be unable to timely issue its financial results for fiscal year 2010.
If you purchased China Intelligent 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