Robbins Umeda LLP Announces an Investigation of China Medicine Corporation

Robbins Umeda LLP, a shareholder rights litigation firm, has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at China Medicine Corporation (OTC: CHME.PK).  China Medicine distributes pharmaceutical and medical products in the People's Republic of China through its subsidiaries Guangzhou Konzern Medicine Co., Ltd. and Guangzhou LifeTech Pharmaceutical Co., Ltd.  The company was founded in 2003, and is based in Guangzhou, the People's Republic of China.

Robbins Umeda LLP is investigating whether officers and directors of China Medicine issued materially false and misleading statements designed to deceive the market and artificially inflate the company's value.  In particular, we are examining whether statements from the company issued between November 30, 2006, and March 23, 2011, contained false information about the company's financial growth, increased profitability, and future business prospects.

On February 22, 2011, China Medicine announced that the company's independent auditor, Frazer Frost LLP, declined reappointment.  Then, on March 23, 2011, the company filed a Form 8-K with the U.S Securities and Exchange Commission warning that the company's financial statements from 2008-2010 were no longer reliable.  Less than four months later, on July 8, 2011, the company announced that its financial statements from 2006-2007 were also inaccurate and unreliable.

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