May 25, 2012
/PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Qiao Xing Universal Resources, Inc. ("
" or the "Company") (OTC: XING.PK).
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.
April 16, 2012
, NASDAQ halted trading of
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:
If you purchased
August 23, 2010
April 13, 2012
and would like to discuss your legal rights, visit
. You can also contact us by calling
toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to
. Faruqi & Faruqi, LLP also encourages anyone with information regarding
's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (
). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential matter.
FARUQI & FARUQI, LLP369 Lexington Avenue, 10th Floor
New York, NY
Richard Gonnello, Esq.
Francis McConville, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
SOURCE Faruqi & Faruqi, LLP