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Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, consumer rights and enforcement of federal antitrust laws, is investigating potential wrongdoing at CNinsure Inc. (“CNinsure” or the “Company”) (Nasdaq: CISG). Faruqi & Faruqi, LLP seeks to determine whether CNinsure violated federal securities laws in connection with statements made to the Company's shareholders.
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The investigation focuses on whether CNinsure: (1) overstated its net income by downplaying the costs incurred from the Company’s scorecard system; (2) failed to account for the costs incurred from bonus incentives promised to Company agents; (3) misled investors into believing that firms affiliated with the Company’s CEO and Chairman, Yinan Hu (“Hu”), would buy out the Company; and (4) lacked a reasonable basis for the Company’s positive statements concerning the Company’s future prospects.
On May 16, 2011, CNinsure announced that it had received a non-binding proposal letter from companies owned by Hu offering to acquire CNinsure’s outstanding shares. In response, the price of CNinsure’s ADSs surged 32% that day.
Then, on September 15, 2011, the Company announced the withdrawal of Hu’s offer. In response, CNinsure’s ADS price fell 15%, closing at $9.03 per ADS, with the price dropping further over the next two trading days, closing at $7.31 on September 19, 2011.
If you purchased CNinsure securities between March 2, 2010 and September 14, 2011 and you would like to discuss your legal rights, visit
www.faruqilaw.com/CISG. You can also contact us by calling Anthony Vozzolo or Richard W. Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to
firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding CNinsure’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
About Faruqi & Faruqi, LLP
Faruqi & Faruqi, LLP is a national law firm, representing investors, consumers and companies in the prosecution of claims under state corporate and consumer laws and the federal securities and antitrust laws. The lawyers at Faruqi & Faruqi, LLP have demonstrated a clear commitment to championing the rights of shareholders and consumers nationwide.