The Shareholders Foundation announces that an investor, who purchased shares of China Ceramics Co Ltd (NASDAQ:CCCL), filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by China Ceramics Co Ltd in connection with certain allegedly false and misleading statements made between March 30, 2012 and May 1, 2014.
Investors who purchased shares of China Ceramics Co Ltd (NASDAQ:CCCL) have certain options and for certain investors are short and strict deadlines running. Deadline: August 5 2014. NASDAQ:CCCL investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of China Ceramics Co Ltd (NASDAQ:CCCL) common shares between March 30, 2012 and May 1, 2014, that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
China Ceramics Co Ltd reported that its annual Total Revenue declined from over $1.49 billion in 2011 to over $1.44 billion in 2012 and that its respective Net Income fell from $294.44 million to $243.83 million. Shares of China Ceramics Co Ltd (NASDAQ:CCCL) grew from $1.53 per share in November 2012 to as high as $3.95 per share in October 2013.
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 Co Ltd announced, among other things, that on April 30, 2014, China Ceramics Co Ltd terminated the engagement of Grant Thornton as its principal independent registered public accountants, that following the decision to terminate Grant Thorton, William L. Stulginsky tendered his resignation as an independent director and Chairman of the Audit Committee, that the audit of China Ceramics , that China Ceramics Co Ltd is unable to timely file its Annual Report on Form 20-F for the year ended December 31, 2013, and that during the preparation of its 2013 financial statements China Ceramics Co Ltd 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.
The plaintiff says that since trading in China Ceramics Co Ltd stock remains halted its shares are illiquid and virtually worthless.
Those who purchased shares of China Ceramics Co Ltd (NASDAQ:CCCL) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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