Rosen Law Firm Reminds Investors of Important Deadline in Class Action Against Qiao Xing Universal Resources, Inc. -- XINGF
NEW YORK, May 12, 2012 (Menafn - GlobeNewswire via COMTEX) --The Rosen Law Firm, P.A. reminds investors of the important June 26, 2012 lead plaintiff deadline in the class action lawsuit the firm filed on behalf of investors who purchased the securities of Qiao Xing Universal Resources, Inc. .
If you purchased Qiao Xing securities before April 16, 2012 you can join the Qiao Xing class action by visiting 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.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
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://www.rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: The Rosen Law Firm PA PC
CONTACT: Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm P.A.
275 Madison Avenue 34th Floor
New York, New York 10016
Tel:(212) 686-1060
Weekends Tel: (917) 797-4425
Toll Free: 1-866-767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
szhang@rosenlegal.com
www.rosenlegal.com
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