NEW YORK, July 21, 2011 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP is investigating claims on behalf of investors of Jiangbo Pharmaceuticals, Inc. who purchased Jiangbo shares from May 17, 2010 through May 31, 2011. Such investors are advised to contact Rachelle R. Boyle at rrboyle@pomlaw.com or 888-476-6529, ext. 350.
The investigation concerns, among other things, whether the Company and certain of its officers and directors have violated securities laws.
On June 7, 2011, Jiangbo revealed that the independent members of its audit committee announced their immediate resignations in a letter. Specifically, the audit committee members were not satisfied with the handling of an investigation by Jiangbo's management in response to a subpoena the Company had received from the U.S. Securities and Exchange Commission on March 26, 2011. On May 31, 2011, Nasdaq halted trading in the Company's stock.
The Pomerantz Firm, with offices in New York, Chicago, and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.