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China Shenghuo Pharmaceutical Holdings may have misrepresented to investors its financial condition.
Investigation Source (Case #08-cv-07422)
- Nationwide
Investigation Scope
Category Information
Investigation Topics
- Investments
- False And Misleading Statements
- Foreign Corporation
Product or Service
- Investments
Injury Type
- Monetary Loss
Investigation Details
This is a securities class action lawsuit against China Shenghuo Pharmaceutical Holdings.
China Shenghuo develops products derived from herbs to treat a myriad of health conditions, ranging from cardiovascular disease to the common cold.
On August 20, 2008, China Shenghuo issued a press release stating that its financial statements for the periods ended June 30, September 30, and December 30, 2007, and the fiscal quarter ended March 31, 2008, contained accounting errors and should not be relied on until China Shenghuo issued a financial restatement for those quarters. This disclosure allegedly prompted China Shenghuo common stock to lose 19 percent of its value on that day, closing at $1.89 per share. The AMEX halted the sale of the stock at closing on August 20, 2008, and trading on China Shenghuo common stock currently remains halted.
China Shenghuo develops products derived from herbs to treat a myriad of health conditions, ranging from cardiovascular disease to the common cold.
On August 20, 2008, China Shenghuo issued a press release stating that its financial statements for the periods ended June 30, September 30, and December 30, 2007, and the fiscal quarter ended March 31, 2008, contained accounting errors and should not be relied on until China Shenghuo issued a financial restatement for those quarters. This disclosure allegedly prompted China Shenghuo common stock to lose 19 percent of its value on that day, closing at $1.89 per share. The AMEX halted the sale of the stock at closing on August 20, 2008, and trading on China Shenghuo common stock currently remains halted.
Defendant Details
| Name (Stock Symbol) | Brief Description |
|---|---|
| China Shenghuo Pharmaceutical Holdings, Inc. (KUN) | China Shenghuo Pharmaceutical Holdings, Inc. and its subsidiaries engage in the research, development, manufacture, and marketing of pharmaceutical, nutritional supplement, and cosmetic products China. |