Chinese LED Co. Shareholders Win Cert. In IPO Suit

Law360, New York (October 28, 2013, 1:53 PM EDT) -- A California federal judge on Friday certified a class of China Intelligent Lighting and Electronics Inc. shareholders who claim that the company and its underwriters exaggerated its revenues ahead of its $10.05 million initial public offering in June 2010.

U.S. District Judge Philip S. Gutierrez certified a class of shareholders who bought the company's stock based on two registration statements and three prospectuses filed with the U.S. Securities and Exchange Commission, which amounts to about 6.6 million shares traceable to the offering documents for the company,...
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