Update In The Shareholder Class Action Lawsuit On Behalf Of Certain Investors of Noah Education Holdings, Ltd. (NYSE: NED) Over Alleged Violations Of The Securities Act
New Shareholder Class Action Lawsuits +++ Deadline expires on December 26, 2008 +++ Go To -> www.ShareholdersFoundation & Never Miss A Deadline +++
There is a deadline coming up in the shareholder lawsuit on behalf of certain investors of ADS of Noah Education Holdings, Ltd. (NYSE: NED) over alleged violations of the Securities Act. The deadline will expire on December 26, 2008.
If you purchased the securities of American Depositary Shares of Noah Education Holdings, Ltd. (NYSE:NED) in or traceable to the Company’s initial public offering on or about October 19, 2007 (the “IPO” or the “Offering”) to November 19, 2007, you have certain options and there are strict and short deadlines running. (December 26, 2008). You should contact the Shareholders Foundation, Inc. immediately!
On Monday, October 27th, 2008, a law firm filed on behalf of a shareholder of American Depositary Shares (“ADSs”) of Noah Education Holdings, Ltd. (NYSE: NED) a proposed class action lawsuit in the United States District Court for the Southern District of New York on behalf of those who purchased ADS of Noah Education Holdings, Ltd. (NYSE:NED) in or traceable to the Company’s initial public offering on or about October 19, 2007 (the “IPO” or the “Offering”) to November 19, 2007 over alleged violations of the Securities Act. According to a press release by Noah Education it denies the allegations of the complaint it has retained counsel and intends to defend itself vigorously in the litigation. According to the complaint the plaintiff alleges that Noah Education Holdings, Ltd. (“Noah Education”) and the underwriters of its IPO violated the Securities Act. Specifically the complaint alleges that on or about September 24, 2007, Noah Education filed a Form F-1 Registration Statement (the “Registration Statement”) with the SEC for the Offering and on or about October 18, 2007, the Prospectus with respect to the Offering (the “Prospectus”), which forms part of the Registration Statement, became effective and more than 9.8 million shares of Noah Education’s ADSs were sold to the public at $14.00 per ADS, thereby raising more than $137 million. The shareholder accuses that the Registration Statement and Prospectus failed to disclose that the Noah Education was experiencing an increase in raw materials costs which had negatively impacted its earnings. Then so the complaint on November 19, 2007, Noah Education issued a press release announcing its financial results for the quarter ended September 30, 2007, where Noah Education reported that its gross profit margins had dramatically declined from 59.4% in the same period the prior year to 50.2% in the quarter and “an increase in the purchasing cost of certain raw material components of DLDs such as flash chips and memory boards, during July and August.” As a result of this news the price of Noah Education ADSs dropped from $12.46 per ADS to $6.72 per ADS on extremely heavy trading volume, so the lawsuit.
If you purchased the securities of American Depositary Shares of Noah Education Holdings, Ltd. (NYSE:NED) in or traceable to the Company’s initial public offering on or about October 19, 2007 (the “IPO” or the “Offering”) to November 19, 2007, you have certain options and there are strict and short deadlines running. (December 26, 2008). You should contact the Shareholders Foundation, Inc. immediately!
Shareholders Foundation, Inc.
Allen Trevor
3111 Camino Del Rio North - Suite 423 -
92108 San Diego
Tel:+1-(858)-779-1554
Fax:+1-(858)-605-5739 Mail@ShareholdersFoundation.com www.ShareholdersFoundation.com
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