NEW YORK, June 22, 2012 (GLOBE NEWSWIRE) -- Shareholders of Tibet Pharmaceuticals, Inc. ("Tibet" or the "Company") (OTC:TBET) are reminded of the securities class action filed against Tibet and certain of its officers. The federal securities class action (12 Civ. 4511), filed in United States District Court, Southern District of New York, is on behalf of all persons who purchased common stock pursuant and/or traceable to the Company's Registration Statement and Prospectus, declared effective by the SEC on December 28, 2010, issued in connection with the Company's Initial Public Offering (the "IPO"), including all those who purchased Tibet stock after December 28, 2010. The action seeks to recover damages caused by defendants' violations of federal securities laws and to pursue remedies under the Securities Act of 1933.
If you are a shareholder who purchased Tibet securities, you have until July 25, 2012 to ask the Court to appoint you as lead plaintiff for the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Rachelle R. Boyle at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
Tibet is a specialty pharmaceutical company focusing on the research, development, manufacturing and marketing of modernized traditional Tibetan medicines. The Complaint alleges that Tibet's registration statement and prospectus contained misstatements of material fact because at the time of the IPO, the Company misstated its true financial condition. Contrary to the representations made in the registration statement and prospectus, Tibet actually had internal control deficiencies had a materially adverse effect on its operations and financial reporting.
On June 10, 2011, the Company's Chief Executive Officer inexplicably resigned from the Company. On September 6, 2011, the Company's auditor, Acquavella, Chiarelli, Shuster, Berkower & Co., LLP resigned.
On April 3, 2012, the NASDAQ halted trading of Tibet's stock for "additional information requested." When the trading resumed on April 27, 2012 on the Pink Sheets, Tibet's shares plummeted $0.94 or nearly 73%, to close at $0.35.
The Pomerantz Firm, with offices in New York and Chicago, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 75 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of defrauded investors. See www.pomerantzlaw.com.
CONTACT: Rachelle R. Boyle Pomerantz Haudek Grossman & Gross LLP email@example.com