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 firstname.lastname@example.org for information on the class action, 如果您講中文，請致電張律師212-686-1060，或電郵 email@example.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 firstname.lastname@example.org. 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.