LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP announces that all persons or entities who purchased the common stock of China Medicine Corporation (“China Medicine” or the “Company”) (Other OTC:CHME.PK) between November 30, 2006 and March 23, 2011, inclusive (the “Class Period”), have until September 16, 2011 to move the Court to serve as Lead Plaintiff in the securities fraud class action lawsuit. The case is pending in the United States District Court for the Central District of California.
China Medicine, through its subsidiaries, distributes pharmaceutical and medical products in the People’s Republic of China. The Complaint alleges that throughout the Class Period defendants issued materially false and misleading statements about the Company’s business and financial performance. On March 23, 2011 China Medicine filed a Form 8-K with the Securities and Exchange Commission (SEC) announcing that the Company’s board of directors had concluded that China Medicine’s financial statements for its 2008 and 2009 fiscal years and quarterly reports during fiscal years 2008, 2009 and 2010 were unreliable. On the next trading day, as a result of the foregoing news, the price of China Medicine stock dropped more than 53% from its closing price of $1.16 per share on March 23, 2011 to a close of $0.54 per share on March 24, 2011.
If you are a member of the class described above, you may move the Court, no later than September 16, 2011 to serve as lead plaintiff; however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.