Law Offices of Howard G. Smith Announces Investigation On Behalf of Investors of China Intelligent Lighting & Electronics, Inc.
30 March 2011 - 11:45AM
Business Wire
Law Offices of Howard G. Smith announces that it is
investigating potential claims on behalf of all persons or entities
who purchased the securities of China Intelligent Lighting and
Electronics, Inc. (“China Intelligent Lighting” or the “Company”)
(AMEX:CIL) prior to March 28, 2011, concerning possible violations
of federal securities laws.
China Intelligent Lighting manufactures residential lighting,
commercial lighting, outdoor lighting, LED accessories and lighting
accessories. The investigation focuses on allegations that certain
statements issued by China Intelligent Lighting since the fiscal
year ended as of December 31, 2009 regarding the Company’s
financial performance were materially false and misleading.
On March 29, 2011, the Company disclosed that its engagement
with its independent accounting firm, MaloneBailey LLP
(“MaloneBailey”), been formally terminated. The Company’s
announcement further stated that MaloneBailey’s Resignation Letter
indicated that “MaloneBailey believed that the accounting records
of the Company have been falsified, which constitutes an illegal
act,” that the “discrepancies could indicate a material error in
previously issued financial statements” and, as a result,
“MaloneBailey stated that it is unable to rely on management’s
representations as they relate to previously issued financial
statements and it can no longer support its opinion related to the
Company’s financial statements for the year ended and as of
December 31, 2009.” The Company also disclosed that it is the
subject of a formal SEC investigation into whether it had made
material misstatements or omissions concerning its financial
statements, including cash accounts and accounts receivable.
If you purchased China Intelligent Lighting securities prior to
March 28, 2011, if you have information or would like to learn more
about these claims, or if you wish to discuss these matters or have
any questions concerning this announcement or your rights or
interests with respect to these matters, please contact Howard G.
Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol
Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, Toll Free at (888) 638-4847, or by email to
howardsmith@howardsmithlaw.com, or visit our website at
www.howardsmithlaw.com.
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