Rigrodsky & Long, P.A. Announces Class Action Lawsuit Against China Intelligent Lighting and Electronics, Inc.

Rigrodsky & Long, P.A. announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of all persons or entities who purchased or otherwise acquired the stock of China Intelligent Lighting and Electronics, Inc. (“China Intelligent” or the “Company”) (NYSE AMEX: CIL) pursuant and/or traceable to the Company’s June 18, 2010 Initial Public Offering (the “IPO”) and between June 18, 2010 and March 29, 2011, inclusive (the “Class Period”), alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934 (the “Complaint”).

If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Noah R. Wortman, Case Development Director of Rigrodsky & Long, P.A., 919 North Market Street, Suite 980 Wilmington, Delaware, 19801 at (888) 969-4242, by e-mail to info@rigrodskylong.com, or via our website: http://www.rigrodskylong.com/news/ChinaIntelligentLighting-CIL.

The Complaint names China Intelligent, certain of the Company’s current executive officers and directors, and certain underwriters as defendants. China Intelligent manufactures lights and provides residential lighting, commercial lighting, outdoor lighting, LED accessories, and lighting accessories.

The Complaint alleges that the Company, certain of its officers and directors, and certain underwriters issued materially false and misleading information in China Intelligent’s IPO documents and in its filings with the United States Securities and Exchange Commission (“SEC”) concerning the Company’s financial condition and internal controls.

On March 29, 2011, China Intelligent issued a press release wherein it announced the resignation of its independent auditor, MaloneBailey LLP (“MB”). MB’s resignation letter described its resignation being due to “accounting fraud involving forging of the Company’s accounting records and forging bank statements, in addition to other discrepancies identified in the Company’s accounts receivable.” The resignation letter indicated that MB believed that China Intelligent’s accounting records have been falsified, which constitutes an illegal act. As a result, MB stated that it was “unable to rely on management’s representations as they relate to previously issued financial statements and it can no longer support its opinion related to the Company’s financial statements for year ended and as of December 31, 2009.”

In addition, on March 24, 2011, Michael Askew resigned as a member of the China Intelligent Board of Directors, including his position as Chairman of the Company’s Audit Committee. Moreover, China Century was also notified by the SEC that it has initiated a formal, non-public investigation into whether the Company made material misstatements or omissions concerning its financial statements. On March 24, 2011, the SEC served a subpoena on China Intelligent regarding its investigation.

Trading in China Intelligent’s stock has been halted since March 24, 2011 and, to date, has not resumed.

If you wish to serve as lead plaintiff, you must move the Court no later than May 31, 2011. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

Attorney advertising. Prior results do not guarantee a similar outcome.

China Intelligent Lighting And Electronics Common Stock (AMEX:CIL)
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