SAN DIEGO and FUJIAN PROVINCE, China, June 18, 2014 /PRNewswire/ -- Shareholder rights law firm Robbins Arroyo LLP announces that an investor of China Ceramics Co., Ltd. (NASDAQ: CCCL) has filed a federal securities fraud class action complaint in the U.S. District Court for the Southern District of New York. The complaint alleges that the company and certain of its officers and directors violated the Securities Exchange Act of 1934 between March 30, 2012 and May 1, 2014 (the "Class Period"). China Ceramics manufactures and sells ceramic tiles for exterior siding and interior flooring and design in residential and commercial buildings internationally.
China Ceramics Is Accused of Failing to Maintain Effective Internal Control Over Its Financial Reporting
According to the complaint, on May 1, 2014, trading in shares of China Ceramics was halted by the NASDAQ Stock Market pending satisfaction of a request for additional information. On May 2, 2014, China Ceramics announced that the company's consolidated financial statements for the year ended December 31, 2013 had not been completed and that its principal registered public accountants, Grant Thornton, had been terminated on April 30, 2014. China Ceramics also disclosed in the announcement that the company engaged a new accounting firm to audit the company's financial statements for the fiscal years ended December 31, 2013, 2012 and 2011.
The complaint further alleges that China Ceramics failed to disclose to investors the risk of substantial write-downs of company assets, which culminated in an estimated $7.5 million asset write-down for the fourth quarter of 2013. To date, trading in the company's stock has yet to resume.
China Ceramics Investors Are Encouraged to Contact Shareholder Rights Law Firm Robbins Arroyo LLP
Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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