Law Offices of Howard G. Smith Announces Class Action Lawsuit Against China Medicine Corporation

Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of purchasers of the common stock of China Medicine Corporation (“China Medicine” or the “Company”) (Other OTC:CHME.PK) between November 30, 2006 and March 23, 2011, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934. The class action lawsuit was filed in the United States District Court for the Central District of California.

China Medicine, through its subsidiaries, distributes pharmaceutical and medical products in the People’s Republic of China. The Complaint alleges that throughout the Class Period defendants issued materially false and misleading statements about the Company’s business and financial performance. On March 23, 2011, China Medicine filed a Form 8-K with the Securities and Exchange Commission (SEC) announcing that the Company’s board of directors had concluded that China Medicine’s financial statements for its 2008 and 2009 fiscal years and quarterly reports during fiscal years 2008, 2009 and 2010 were unreliable. On the next trading day, as a result of the foregoing news, the price of China Medicine stock dropped more than 53%, from its closing price of $1.16 per share on March 23, 2011, to a close of $0.54 per share on March 24, 2011, on heavy trading volume.

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 China Medicine securities between November 30, 2006 and March 23, 2011, you have certain rights, and have 60 days from July 18, 2011, to move for lead plaintiff status. 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.

China Medicine (CE) (USOTC:CHME)
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