DENVER, March 16, 2011 (GLOBE NEWSWIRE) -- Dyer & Berens LLP (www.DyerBerens.com) today provided the following update with respect to the class action lawsuit it filed on behalf of investors who purchased China MediaExpress Holdings, Inc. (Nasdaq:CCME) securities between November 8, 2010 and February 3, 2011, inclusive.
On February 4, 2011, Dyer & Berens filed a class action lawsuit charging China MediaExpress with violations of the Securities Exchange Act of 1934. Citing to a Muddy Waters Research report, among other things, the complaint alleges that defendant's public statements were materially false and misleading because it misrepresented and overstated the financial condition of the company. Thereafter, on March 11, 2011, the NASDAQ halted trading in the company's stock and has reportedly requested additional information. Then, on March 14, 2011, the company announced that its independent accounting firm, Deloitte Touche Tohmatsu, had formally resigned its engagement, stating that it was no longer able to rely on the representations of management and recommending that certain issues be addressed by an independent investigation. Dyer & Berens believes that these significant developments strongly support the allegations in the original class action complaint.
Dyer & Berens also encourages CCME investors, particularly those with significant financial losses, to consider their legal options prior to the upcoming April 5, 2011 lead plaintiff deadline. Any investor who purchased between November 8, 2010 and February 3, 2011 may: (i) request a lead plaintiff appointment through counsel of its choice; or (ii) choose to do nothing and remain an absent class member.
The plaintiff is represented by several law firms, including Dyer & Berens LLP, which has significant expertise in prosecuting investor class actions involving financial fraud.