Pomerantz Reminds Shareholders of Tibet Pharmaceuticals, Inc. of Upcoming Deadline -- TBET
06 Julio 2012 - 7:26PM
Shareholders of Tibet Pharmaceuticals, Inc. ("Tibet" or the
"Company") (OTCBB:TBET) are reminded of the securities class action
filed against Tibet and certain of its officers. The federal
securities class action (12 Civ. 4511), filed in United States
District Court, Southern District of New York, is on behalf of all
persons who purchased common stock pursuant and/or traceable to the
Company's Registration Statement and Prospectus, declared effective
by the SEC on December 28, 2010, issued in connection with the
Company's Initial Public Offering (the "IPO"), including all those
who purchased Tibet stock after December 28, 2010. The action seeks
to recover damages caused by defendants' violations of federal
securities laws and to pursue remedies under the Securities Act of
1933.
If you are a shareholder who purchased Tibet securities, you
have until July 25, 2012 to ask the Court to appoint you as lead
plaintiff for the class. A copy of the complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact Rachelle R.
Boyle at rrboyle@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, x237. Those who inquire by e-mail are encouraged to include
their mailing address and telephone number.
Tibet is a specialty pharmaceutical company focusing on the
research, development, manufacturing and marketing of modernized
traditional Tibetan medicines. The Complaint alleges that Tibet's
registration statement and prospectus contained misstatements of
material fact because at the time of the IPO, the Company misstated
its true financial condition. Contrary to the representations made
in the registration statement and prospectus, Tibet actually had
internal control deficiencies had a materially adverse effect on
its operations and financial reporting.
On June 10, 2011, the Company's Chief Executive Officer
inexplicably resigned from the Company. On September 6, 2011, the
Company's auditor, Acquavella, Chiarelli, Shuster, Berkower &
Co., LLP, resigned.
On April 3, 2012, the NASDAQ halted trading of Tibet's stock for
"additional information requested." When the trading resumed on
April 27, 2012 on the Pink Sheets, Tibet's shares plummeted $0.94
or nearly 73%, to close at $0.35.
The Pomerantz Firm, with offices in New York and Chicago, 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 75 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 defrauded
investors. See www.pomerantzlaw.com.
CONTACT: Rachelle R. Boyle
Pomerantz Haudek Grossman & Gross LLP
rrboyle@pomlaw.com
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