Shareholders Foundation, Inc.

Chinacast Education Corporation (OTCMKTS:CAST) Investor Alert: Lawsuit Alleges Misleading Statements

A lawsuit was filed on behalf of investors in Chinacast Education Corporation (OTCMKTS:CAST) shares over alleged securities laws violations. Deadline: June 17, 2014. Chinacast Education Corporation investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com

 

San Diego, CA -- (ReleaseWire) -- 04/29/2014 -- An investor, who purchased shares of Chinacast Education Corporation (OTCMKTS:CAST), filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Deloitte Touche Tohmatsu CPA Ltd., ChinaCast's former auditor, and Deloitte & Touche, LLP.

If you purchased a significant amount of shares of Chinacast Education Corporation (OTCMKTS:CAST) between April 18, 2009 and April 19, 2012, you have certain options and for certain investors are short and strict deadlines running. Deadline: June 17, 2014. OTCMKTS:CAST investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Chinacast Education Corporation (OTCMKTS:CAST) between April 18, 2009 and April 19, 2012, that Deloitte Touche Tohmatsu CPA Ltd.'s audit reports concerning ChinaCast falsely stated that Deloitte Touche Tohmatsu CPA Ltd. had followed applicable audit standards, and that Deloitte & Touche, LLP controlled Deloitte Touche Tohmatsu CPA Ltd..

Chinacast Education Corporation reported that its annual total Revenue rose from $183.50 million in 2007 to $514.01 million in 2010 and that is respective net Income increased from $58.66 million to $131.65 million. Shares of Chinacast Education Corporation (OTCMKTS:CAST) grew from $2.42 per sahare in March 2009 to over $7.70 in late 2010.

On April 2, 2012, the NASDAQ stock market halted trading in NASDAQ:CAST stock and on May 8, 2012, Chinacast Education Corporation announced that it received a notification from the staff of The NASDAQ Stock Market LLC (the "NASDAQ Staff") that the NASDAQ Staff has made a determination to delist Chinacast Education's securities.

Shares of Chinacast Education Corporation (OTCMKTS:CAST) declined from $7.71 per share in October 2010, respectively $7.4 per share in early 2011 to as low as $0.1 per share in the end of 2012.

On April 25, 2014, Chinacast Education Corporation shares closed at $0.04 per share.

Those who purchased shares of Chinacast Education Corporation (OTCMKTS:CAST) have certain options and should contact the Shareholders Foundation.

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