- The Company overstated the number of Intelligent Media Kiosks deployed in China.
- The Company’s Kiosks were inundated with pirated digital media entertainment.
- A Company subsidiary issued RMB 100 million ($16.4 million) in bonds to Chinese investors.
Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class (the “Class”) comprising all purchasers of the common stock, call options and sellers of put options of FAB Universal Corporation (“FAB” or the “Company”) (NYSE MKT:FU) between June 12, 2012 to November 18, 2013, inclusive (the “Class Period”). A COPY OF THE COMPLAINT IS AVAILABLE FROM THE COURT OR FROM GLANCY BINKOW & GOLDBERG LLP. PLEASE CONTACT US TOLL-FREE AT (888) 773-9224, OR AT (212) 682-5340, OR BY EMAIL TO SHAREHOLDERS@GLANCYLAW.COM TO DISCUSS THIS MATTER. IF YOU INQUIRE BY EMAIL PLEASE INCLUDE YOUR MAILING ADDRESS, TELEPHONE NUMBER AND NUMBER OF SHARES PURCHASED. FAB engages in the distribution of digital entertainment products and services worldwide. The Complaint alleges that throughout the Class Period the defendants made false and/or misleading statements and failed to disclose material adverse facts about the Company's business, operations and financial performance. Specifically, the defendants misrepresented or failed to disclose that: