NEW YORK, March 11, 2011 (GLOBE NEWSWIRE) — The Rosen Law Firm, P.A. is representing shareholders in the securities class action arising from allegations that China MediaExpress Holdings, Inc. (Nasdaq:CCME) fraudulently misstated its revenue. The class action is on behalf of purchasers of China MediaExpress stock during the period from November 8, 2010 through February 3, 2011.�
To join the China MediaExpress class action, visit the Rosen Law Firm’s website at http://ping.fm/ovFzv, or call Laurence Rosen, Esq. or Jonathan Horne, Esq., toll-free, at 866-767-3653; you may also email lrosen@rosenlegal.com or jhorne@rosenlegal.com for information on the class action. �
The Complaint alleges violations of the Securities Exchange Act against China MediaExpress and its Chief Executive Officer, Zheng Cheng.�The Complaint alleges that (1) the Company misrepresented the number of buses in its advertising network; (2) the Company misrepresented the nature and extent of its business relationships; and (3) the Company overstated its revenue.
On January 31, 2011, analyst firm Citron Research published a report alleging that China MediaExpress “does not exist at the scale that they are reporting to the investing public.”
Three days later, on February 3, 2011, analyst firm Muddy Waters issued a detailed report echoing many of the allegations in the Citron Research report. Muddy Waters alleged that the Company “is engaging in a massive ‘pump and dump’ scheme [...] significantly inflating its revenue and earnings in order to pay management earn-outs and inflate the stock price so insiders can sell.” Following this news, China MediaExpress shares declined .52 per share, damaging investors.�Today, trading of the Company’s shares was halted, pending announcement, and creating further investor uncertainty.
If you wish to serve as lead plaintiff, you must move the Court no later than April 5, 2011. �A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.�If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Laurence Rosen, Esq. or Jonathan Horne, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at lrosen@rosenlegal.com or jhorne@rosenlegal.com.�You may also visit the firm’s website at http://ping.fm/wsfeG.
No class has yet been certified in the above action.�Until a class is certified, you are not represented by counsel unless you retain one.�You may choose to do nothing at this point and remain an absent class member.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
Attorney Advertising.�Prior results do not guarantee a similar outcome.
CONTACT: Laurence Rosen, Esq.
Jonathan Horne, Esq.
The Rosen Law Firm P.A.
275 Madison Avenue, 34th Floor
New York, New York 10016
Tel: (212) 686-1060
Weekends Tel: (917) 797-4425
Toll Free: 1-866-767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
jhorne@rosenlegal.com
www.rosenlegal.com
http://bit.ly/i5jE9F
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