Feb. 15, 2012 (Update) -- On February 15, 2012 China Sky One Medical, Inc announced that its Chairman, President and Chief Executive Officer is being treated for a life-threatening illness.
In addition China Sky One Medical, Inc said that 26 middle-management level employees have recently resigned, of which 9 were in the accounting department, 2 were in the internal controls department, 2 were in the IT department, 11 were in the sales department, and 2 were in the production center.
The same day the NASDAQ Stock Market announced that trading was halted today in China Sky One Medical, Inc. (Nasdaq: CSKI) at 10:22:17 a.m., Eastern Time, for 'additional information requested' from the company at a last price of $1.10.
The NASDAQ Stock Market said that Trading will remain halted until China Sky One Medical, Inc. has fully satisfied NASDAQ's request for additional information.
San Diego, Feb. 22, 2011 (Shareholders Foundation) --An investigation on behalf of investors of China Sky One Medical, Inc. (NASDAQ:CSKI) over possible violations breaches of fiduciary duty by certain of China Sky One Medical officers and directors over possible reporting irregularities.
The investigation by a law firm concerns possible breaches of fiduciary duty and other violations of the law by certain officers and directors at China Sky One Medical, Inc. in connection with the admission by China Sky One Medical that its financial reports filed with the State Administration for Industry and Commerce ('SAIC') in China underreported the income of China Sky One Medical's China-based subsidiaries.
The investigation also concerns whether certain officers and directors caused China Sky One Medical to file inconsistent revenue reports with the SAIC and the Securities and Exchange Commission (SEC) in the United States.
China Sky One Medical reported a substantial increase in its 12months Total Revenue increased from 2006 to 2009. While in 2006 China Sky One Medical, Inc. reported a 12month Total Revenue of $19.888million in 2009 it reported $130.09million. Its Net Income rose from $0.62million in 2006 to $30.98million, For the first three quarters in 2010 China Sky One Medical, Inc. reported a combined nine months Total Revenue of $105.85million with a combined nine months Net Income of $33.43million, thus exceeding its 12month Net Income in 2009 with a nine months Net Income in 2010.
On September 4, 2009, the SEC issued a formal order of investigation relating to certain of China Sky One Medicals accounting, record-keeping and disclosure practices
Shares of China Sky One Medical, Inc. (NASDAQ:CSKI) rose from $3.50 in 2006 to as high as $23.50 per share in December 2009. Since then CSKI shares lost substantially value and traded recently at $4.72 per share.