Rosen Law Firm Files Class Action Suit against Qiao Xing Universal
Rosen Law Firm, 4/27/12
US-based investor counsel The Rosen Law Firm today announced that it has filed a class action lawsuit on behalf of investors who purchased the stock of Chinese mobile phone manufacturer and mineral resources company Qiao Xing Universal Resources (Nasdaq: XING) between July 15, 2011 and April 16, 2012.
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 Wu Ruilin 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.
Keywords: XING Wu Ruilin law wireless Qiao Xing Universal Resources handset vendor litigation Rosen Law Firm
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