The Rosen Law Firm announces that it is investigating potential securities claims against FAB Universal Corporation (NYSE MKT:FU) resulting from allegations that the Company may have issued materially misleading business information to the investing public, namely, that its business in China is a fraction of what it purportedly claims in its filings with the U.S. Securities and Exchange Commission.
On November 14, 2013, Alfredlittle.com issued a report asserting that FAB Universal has greatly exaggerated its true financial performance. The report states, among others things, that: contrary to FAB’s anti-piracy claims, its “Intelligent Media Kiosks” are in fact loaded with clearly pirated U.S. movies; FAB’s kiosk manufacturers acknowledged that they historically supplied only 10% of the 16,820 units FAB claims to have deployed; and FAB’s director of franchisee sales acknowledged that FAB only has approximately 1,000 kiosks in Beijing, China, in stark contrast to the 3,954 kiosks that the Company stated it had in its June 1, 2012, proxy statement.
The Rosen Law Firm is preparing a class action lawsuit as a result of this adverse information. If you purchased FAB stock before November 14, 2013, please visit the website at http://rosenlegal.com for more information. You may also contact Phillip Kim, Esq. or Kevin Chan, Esq., of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at email@example.com or firstname.lastname@example.org.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.Attorney Advertising. Prior results do not guarantee a similar outcome.