Qiao Xing Universal Resources, Inc.
Class Period: Jul 15, 2011 to Apr 16, 2012
Lead Plaintiff Deadline: Jun 26, 2012 + Deadline passed
Summary of Case:
A securities class action has been filed against Qiao Xing Universal Resources, Inc. ("Qiao Xing") on behalf of all persons who purchased the common stock of Qiao Xing between July 15, 2011 and April 16, 2012. This case has been filed in the USDC - USDC - Virgin Islands.
The Complaint asserts violations of the securities laws against Xing and its present and former officers and directors for issuing false and misleading information to investors. Specifically, the Complaint alleges defendants failed to disclose that in June 2011 the Company's then CEO and Chairman Rui Lin Wu transferred Company funds to a bank account under his control. On April 16, 2012 NASDAQ halted trading in Qiao Xing's shares. On April 20, 2012 the Company announced the commencement of an internal investigation into Wu's June 2011 fund transfers. The Complaint alleges that as a result of this adverse information, Qiao Xing's stock price has dropped, damaging investors.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.