NEW YORK, NY--(Marketwired - Jun 14, 2014) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in China Ceramics Co., Ltd. ("China Ceramics" or the "Company") (
A complaint has been filed in the Southern District of New York on behalf of all persons who purchased China Ceramics common stock between March 30, 2012 and May 1, 2014 (the "Class Period").
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
The complaint further alleges that the defendants failed to disclose and/or materially misstated its true financial condition. On May 1, 2014, NASDAQ announced that trading in China Ceramics was halted that day for "additional information requested" from the Company. On that same day, China Ceramics announced, among other things, that: (i) on April 30, 2014, the Company terminated the engagement of Grant Thornton as its principal independent registered public accountants; (ii) following the decision to terminate Grant Thorton, William L. Stulginsky tendered his resignation as an independent director and Chairman of the Audit Committee; (iii) the audit of the Company's consolidated financial statements for the year ended December 31, 2013 has not been completed; (iv) the Company is unable to timely file its Annual Report on Form 20-F for the year ended December 31, 2013; and (v) during the preparation of its 2013 financial statements the Company identified a write down of assets for the fourth quarter resulting from unused capacity at its Hengdali facility, which is currently estimated to be $7.5 million.
According the complaint, trading in China Ceramics stock remains halted rendering it illiquid and virtually worthless.
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Take Action
If you invested in China Ceramics stock or options between March 30, 2012 and May 1, 2014 and would like to discuss your legal rights, visit www.faruqilaw.com/CCCL . You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com . Faruqi & Faruqi, LLP also encourages anyone with information regarding China Ceramics' conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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