NEW YORK, Nov. 7, 2008 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers who purchased American Depositary Shares ("ADSs") of Noah Education Holdings, Ltd. ("Noah Education" or the "Company") (NYSE:NED) pursuant or traceable to the Company's initial public offering on or about October 19, 2007 (the "IPO" or the "Offering") to November 19, 2007 (the "Class Period").
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Noah Education common stock during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by December 26, 2008. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The Complaint alleges claims under the Securities Act of 1933 against the Company and three underwriters of the Company's offering of ADSs as a result of the failure of the Registration Statement and Prospectus for the offering of Noah Education's ADSs on or about October 18, 2007 to disclose that the Company was experiencing an increase in raw materials costs which had negatively impacted its earnings. The complaint further alleges that after and as a result of the Company's announcement on November 19, 2007, its gross profit margins had dramatically declined from 59.4% in the same period the prior year to 50.2% in the quarter, attributing the declining margins to "an increase in the purchasing cost of certain raw material components of handheld digital learning devices (DLDs) such as flash chips and memory boards, during July and August," the value of Noah Education ADSs declined significantly.