Shareholders Foundation, Inc.

Shareholder Alert: Deadline Upcoming in Settlement in the Lawsuit Against China MediaExpress Holdings Inc (NASDAQ:CCME)

A settlement was reached with the defendants in the lawsuit filed on behalf of certain investors China MediaExpress Holdings Inc (NASDAQ:CCME now trading on the OTC sheets as OTC:CCME) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on October 2, 2015 and NASDAQ: CCME investors should contact the Shareholders Foundation.

 

San Diego, CA -- (SBWIRE) -- 09/23/2015 -- A deadline is coming up on October 2, 2015 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of China MediaExpress Holdings Inc (NASDAQ:CCME) between April 1, 2010 and March 11, 2011.

Investors who purchased a significant amount of shares of China MediaExpress Holdings Inc (NASDAQ:CCME) between April 1, 2010 and March 11, 2011, have certain options and should contact the Shareholders Foundation by email at mail@shareholdersfoundation.com or call 858-779-1554.

The settlement proof of claim form or detailed settlement notice for the settlement in the China MediaExpress Holdings Inc (NASDAQ: CCME)Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/china-mediaexpress-holdings-inc-nasdaq-ccme-investor-securities-class-action-lawsuit-02042011

In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is October 2, 2015. The class action administrator for this case is KCC Class Action Services.

The lawsuit was originally filed in the U.S. District Court for the Southern District of New York against China MediaExpress Holdings Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between November 8, 2010 and February 3, 2011. According to the complaint the plaintiff alleges on behalf of purchasers of China MediaExpress Holdings Inc (NASDAQ:CCME) securities between November 8, 2010 and February 3, 2011, that China MediaExpress Holdings Inc violated the Securities Exchange Act of 1934 by failing between November 8, 2010 and February 3, 2011, to disclose material adverse facts about its true financial condition, business and prospects. Specifically, the class action complaint alleges that defendant's statements were materially false and misleading because they misrepresented and overstated the financial condition of China MediaExpress Holdings Inc. China MediaExpress Holdings Inc reported $25.84 million 12 months Total Revenue in 2007, $63 milllion in 2008 and $95.93 million in 2009. Its Net Income went over the same time period from $6.97 million, $26.37 million, $41.71 million. For the first three quarters in 2010 China MediaExpress Holdings Inc reported a combined nine months Total Revenue of $154.99 million thus succeeding its 12 months Total Revenue in 2009. China MediaExpress Holdings Inc also succeed with a combined nine months Net Income of $77.77 million for the first three quarters in 2010 its 12 months Net Income of 2009. Shares of China MediaExpress Holdings Inc (NASDAQ: CCME) rose from as low as under $9 per share in July 2010 to almost $23 per share in the end of January 2011.

But on January 31, 2011, analyst firm Citron Research issued a report alleging that China Media Express Inc misrepresented its financial performance, business prospects, and financial condition to investors. The Citron Research report concluded that China MediaExpress Holdings Inc "does not exist at the scale that they are reporting to the investing public." Then on Thursday February 3, 2011, shares of China MediaExpress Holdings Inc (NASDAQ:CCME) sank 33% percent after analyst firm Muddy Waters issued a research report, echoing Citron Research's allegations of fraud. Both reports assert that China MediaExpress Holdings Inc's revenues were substantially overstated and that China MediaExpress Holdings Inc exaggerated the extent of its business operations. The company had rebutted those claims in a statement on Tuesday.

Those who purchased shares of China MediaExpress Holdings Inc (NASDAQ:CCME now trading on the OTC sheets as OTC:CCME) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com