, Nov. 15, 2013 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud claims on behalf of investors of FAB Universal Corporation ("FAB" or the "Company") (NYSE: FU).
The investigation focuses on whether the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and financial performance.
FAB is purportedly a distributor of copyright-protected digital media. On November 14, 2013, the
website published a report that claims that FAB has embellished its financial performance. The report states in part that: (i) the Company's "Intelligent Media Kiosks" include pirated U.S. movies, despite claims to the contrary; (ii) FAB's kiosk manufacturers have acknowledged that they supplied only 10% of the total units the Company claims to have; (iii) one kiosk manufacturer aided in staging a deceptive manufacture site visit for FAB's investors; (iv) the Company only has about 25% of the total number of kiosks it states operate in Bejiing; and (v) FAB offers to repurchase franchised kiosks using the Company's common stock.
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Faruqi & Faruqi, LLP also encourages anyone with information regarding FAB's conduct to contact the firm, including whistleblowers, former employees, shareholders, and others.
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