NEW YORK, Sep 6, 2011 (GlobeNewswire via COMTEX) -- Milberg LLP reminds investors of the September 14 lead plaintiff deadline in the securities class action against Jiangbo Pharmaceuticals, Inc. ("Jiangbo" or the "Company") /quotes/zigman/6059993 JGBO 0.00% . On August 2, 2011, the firm filed a class action lawsuit on behalf of investors who purchased the securities of Jiangbo during the period June 8, 2010, to May 31, 2011, inclusive (the "Class Period"). The case is pending in the United States District Court for the Southern District of Florida and alleges violations of the Securities Exchange Act of 1934 by Jiangbo and certain of the Company's officers.
Jiangbo researches and develops pharmaceutical products in China. Jiangbo produces both western and Chinese herbal-based medical drugs in tablet, capsule, granule, syrup, and electuary form.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements to investors by materially overstating the Company's cash balances and failing to disclose that Jiangbo's internal controls over financial reporting were inadequate.
In March 2011, the Company's Chief Financial Officer resigned. On April 4, 2011, the Company reported that it had replaced its auditor. On May 27, 2011, the Company disclosed that the Securities and Exchange Commission had, in December 2010, commenced an informal investigation. On May 31, 2011, NASDAQ halted trading of Jiangbo stock. The Company received a delisting letter from NASDAQ on July 26, 2011.
If you purchased securities of Jiangbo from June 8, 2010, to May 31, 2011, you may move the court no later than September 14, 2011, and request that the Court appoint you as lead plaintiff. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Your share in any recovery will not be enhanced or diminished by serving as a lead plaintiff, however, lead plaintiffs make important decisions that could affect the overall recovery for class members. You do not need to be a lead plaintiff to recover in a class action; you can recover as an absent class member. You may retain Milberg LLP, or other attorneys, for this action, but do not need to retain counsel to recover as an absent class member. If this action is certified as a class action, class members will be automatically represented by court-appointed counsel.
Milberg LLP has been representing individual and institutional investors for more than four decades and serves as lead counsel in federal and state courts throughout the United States. Please visit the Milberg website ( www.milberg.com ) for more information about the firm. If you wish to discuss this matter with us, or have any questions regarding this matter, please contact the following attorneys