Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against China Medicine Corporation

LOS ANGELES--(BUSINESS WIRE)--

Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a class action lawsuit in the United States District Court for the Central District of California on behalf of a class consisting of all persons or entities who purchased the common stock of China Medicine Corporation (“China Medicine” or the “Company”) CHME between November 30, 2006 and March 23, 2011, inclusive (the “Class Period”).

A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at 310-201-9150 or Toll Free at 888-773-9224, by email at shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.

The Complaint charges China Medicine and certain of the Company's executive officers with violations of federal securities laws. 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.

Plaintiff seeks to recover damages on behalf of class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.

If you are a member of the class described above, you may move the Court, no later than September 16, 2011, to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent class member. 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 Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at 310-201-9150 or Toll Free at 888-773-9224, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.