CORAL SPRINGS, Fla., June 9, 2011 (GLOBE NEWSWIRE) -- The Law Offices of Blum & Silver, LLP (www.stockattorneys.com), one of the most preeminent investor protection law firms in the country, is pursuing claims against financial institutions for the sale of Chinese companies now delisted from the U.S. stock exchanges. Many of these Chinese stocks traded in United States markets as result of a reverse merger. Allegations of fraud have resulted in many of these companies losing their listings on U.S. stock exchanges.
Specifically, exchange officials have recently halted the trading in four Chinese companies based out of Shenzhen, China which were brought public onto the NYSE Amex: consumer-electronics makers NIVS IntelliMedia; China Intelligent Lighting and Electronics; China Century Dragon Media, a television advertising producer, and China Electric Motor, which manufactures micro motors. Each of these companies used the same auditing firm, MaloneBailey, LLP, which specializes in auditing small public companies. The auditor has possibly found accounting fraud involving forging of the companies' accounting records, forging bank statements and discrepancies in accounts receivables.
The Securities and Exchange Commission launched an investigation last year into the fraud allegations surrounding the Chinese reverse merger process. The investigation includes those who help find and bring Chinese businesses to the U.S. capital markets, such as investment bankers and auditors.
The Law Offices of Blum & Silver, LLP is a nationally-recognized securities law firm headquartered in South Florida with a satellite office in New York City. The primary focus of the firm is representing investors worldwide with their claims for losses due to stockbroker misconduct and brokerage firm negligence in securities litigation and arbitration matters. If you wish to discuss this announcement or have information relevant to our claims, please contact Scott L. Silver, Esq. of Blum & Silver, LLP, at 1-877-STOCK LAW (1-877-786-2552) or visit us on the Internet at http://www.stockattorneys.com.
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