Pomerantz Law Firm Reminds Shareholders of Qiao Xing Universal Resources, Inc. of Upcoming Deadline -- XINGF.PK
Published on Friday, 25 May 2012 11:58 Written by TradersHuddle Staff
NEW YORK, May 25, 2012 (GLOBE NEWSWIRE) -- Shareholders of Qiao Xing Universal Resources, Inc. ("Qiao Xing" or the "Company") (XINGF.PK) are reminded of the securities class action filed against Qiao Xing and certain of its officers. The federal securities class action (12 Civ 3745), filed in the United States District Court, Southern District of New York, is on behalf of all persons who purchased Qiao Xing securities between August 23, 2010 and April 13, 2012, inclusive (the "Class Period"). This class action is brought under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 against the Company and certain of its top officials.
Qiao Xing, through its subsidiary, mines and processes rare metal and various base-metal ores, including molybdenum, copper, lead and zinc.
The Complaint alleges that, throughout the Class Period, the Company made false and/or misleading statements and/or failed 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.
On April 16, 2012, NASDAQ halted trading of Qiao Xing 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," Defendant 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."
The Pomerantz Firm, with offices in New York and Chicago, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 75 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of defrauded investors. See www.pomerantzlaw.com.
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