Bronstein, Gewirtz & Grossman, LLC Announces That A Class Action Has Been Filed Against Tibet Pharmaceuticals, Inc.

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May 31, 2012, 12:26 ET

NEW YORK, May 31, 2012 /PRNewswire/ -- Bronstein, Gewirtz & Grossman, LLC announces that a class action suit was filed in the United States District Court for the District Court of the Virgin Islands on behalf of purchasers of the common stock of Tibet Pharmaceuticals, Inc. ("Tibet Pharmaceuticals" or the "Company") (OTC Markets: TBET -News), who purchased shares after December 28, 2010 (the "Class Period").

The Complaint asserts violations of the federal securities laws against Tibet Pharmaceuticals, its officers and directors, and underwriters for issuing inaccurate statements of material fact about the Company's true financial and business condition, which ultimately caused the Tibet Pharmaceutical's stock to be halted by the NASDAQ and delisted. The Complaint alleges defendants misrepresented and failed to disclose material internal control deficiencies, which rendered the Company's registration statement and prospectus to be materially false and misleading.

No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact either Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. July 25, 2012 is the deadline for investors to seek a lead plaintiff appointment.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration.

Contact:

Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman, 212-697-6484
[email protected]

SOURCE Bronstein, Gewirtz & Grossman, LLC