Law Firm Files Securities Fraud Suit Against Noah Education
GlobeNewswire, 12/03/08
New York-based law firm Pomerantz Haudek Block Grossman & Gross LLP has filed a class action lawsuit against Chinese e-dictionary and learning device manufacturer Noah Education Holdings (NYSE: NED) for securities fraud. On November 19, 2007, one month after its USD 137 mln IPO, Noah disclosed that its profit margin had declined from 59% to 50.2%, resulting in the company's share price dropping USD 4.15 per share, or over 50% of the value of the shares at IPO. Pomerantz believes that Noah was aware at the time of IPO that increasing costs of raw materials would affect its profit margin, and, therefore, that Noah's registration statements and prospectuses contained false and misleading statements.
Keywords: Pomerantz financing dictionary online education Internet IPO law NED Noah litigation
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