NEW YORK, July 23, 2014 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. reminds all purchasers of the common stock of China Ceramics Co., Ltd. – (Nasdaq:CCCL) between March 30, 2012 and May 1, 2014 of the important August 5, 2014 lead plaintiff deadline in the class action filed by the firm.
To join the China Ceramics class action, visit the firm's website at http://rosenlegal.com/cases-273.html or call Phillip Kim or Kevin Chan toll-free at 866-767-3653; you may also email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action. The lawsuit filed by the firm is pending in the U.S. District Court for the Southern District of New York.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
According to the suit, China Ceramics materially misstated its true financial condition. On May 1, 2014, NASDAQ announced that trading in China Ceramics was halted that day for "additional information requested" from the Company. On that same day, China Ceramics announced, among other things, that: (i) on April 30, 2014, the Company terminated the engagement of Grant Thornton as its principal independent registered public accountants; (ii) following the decision to terminate Grant Thornton, William L. Stulginsky tendered his resignation as an independent director and Chairman of the Audit Committee; (iii) the audit of the Company's consolidated financial statements for the year ended December 31, 2013 has not been completed; (iv) the Company is unable to timely file its Annual Report on Form 20-F for the year ended December 31, 2013; and (v) during the preparation of its 2013 financial statements the Company identified a write down of assets for the fourth quarter resulting from unused capacity at its Hengdali facility, which is currently estimated to be $7.5 million. According the complaint, trading in China Ceramics stock remains halted rendering it illiquid and virtually worthless.
If you wish to serve as lead plaintiff, you must move the Court no later than August 5, 2014. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Phillip Kim or Kevin Chan of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com. You may also visit the firm's website at http://rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.