California District Court Dismisses Securities Claims Against Chinese Corporation for Failure to Plead Falsity

On November 30, 2011, Judge John A. Kronstadt of the US District Court for the Central District of California dismissed a putative class action brought by shareholders of China Century Dragon Media based on the inconsistencies between revenue and profit figures reported to the US Securities and Exchange Commission (SEC) and the Chinese State Administration for Industry and Commerce (SAIC). Katz v. China Century Dragon Media, Inc., et al., No. 2:11-cv-02769-JAK-SS (C.D. Cal. Nov. 30, 2011).