The Rosen Law Firm, P.A. today announced that it has filed a class
action lawsuit on behalf of investors who purchased the stock of Qiao
Xing Universal Resources, Inc. (NASDAQ: XING) between July 15, 2011 and
April 16, 2012, inclusive (the "Class Period").
To join the Qiao Xing class action, visit the firm’s website at http://rosenlegal.com,
or call Phillip Kim, Esq., toll-free, at 866-767-3653; you may also
email pkim@rosenlegal.com for
information on the class action, 如果您講中文，請致電張律師212-686-1060，或電郵 szhang@rosenlegal.com,
獲取該集體訴訟案件的具體信息. The action filed by the Rosen Law Firm is pending in the
District Court of the Virgin Islands.
The Complaint asserts violations of the securities laws against Qiao
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 wish to serve as lead plaintiff, you must move the Court no later
than June 26, 2012. A lead plaintiff is a representative party acting on
behalf of other class members in directing the litigation. If you wish
to join the litigation, or to discuss your rights or interests regarding
this class action, please contact Phillip Kim, Esq. of The Rosen Law
Firm, toll-free, at 866-767-3653, or via e-mail at pkim@rosenlegal.com.
You may also visit the firm’s website at http://rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe,
concentrating its practice in securities class actions and shareholder
derivative litigation.
