NEW YORK, May 25, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Qiao Xing Universal Resources, Inc. ("Qiao Xing" or the "Company") (OTC: XING.PK).
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The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) the Company's Chairman was improperly transferring funds from at least one subsidiary's bank account to an account controlled by him; (2) the Company conducted transactions that improperly pledged or transferred assets from its bank accounts; (3) the Company lacked adequate internal and financial controls; and (4) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
On April 16, 2012, NASDAQ halted trading of Qiao Xing securities for failing to sufficiently satisfy "NASDAQ's request for additional information." On April 20, 2012, the Company disclosed that its Audit Committee commenced "an internal investigation into a transfer of funds from a Company subsidiary's bank account to an account controlled by the Company's former Chairman," Rui Lin Wu. In addition, the Audit Committee is also reviewing "certain transactions involving the pledge or transfer of Company assets and to confirm cash balances of the Company's bank accounts."
Request more information now by clicking here: www.faruqilaw.com/XINGPK
Take Action
If you purchased Qiao Xing securities between August 23, 2010 and April 13, 2012 and would like to discuss your legal rights, visit www.faruqilaw.com/XINGPK. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com or fmcconville@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Qiao Xing's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Francis McConville, Esq.
fmcconville@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
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