Chinese Co. Shareholders Seek Class Cert. In Fraud Suit

Law360, Los Angeles (July 15, 2013, 4:06 PM EDT) -- China Intelligent Lighting and Electronics Inc. shareholders asked a California federal judge for class certification Friday in a consolidated securities suit accusing the company of making materially false statements in the lead-up to its $10.05 million initial public offering in June 2010.

China Intelligent allegedly overstated its revenue for the 2008 and 2009 fiscal years by roughly $74 million, after which its auditor resigned and the U.S. Securities and Exchange Commission banned public sales of company stock.

Plaintiffs claim they suffered injury due to the misstatements...
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