Faruqi & Faruqi, LLP Notifies Investors Who Suffered Substantial Losses Investing in ChinaCast Education Corporation of the Upcoming July 25, 2012 Lead Plaintiff Deadline
Published on Monday, 25 June 2012 19:49 Written by TradersHuddle Staff
NEW YORK, June 25, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at ChinaCast Education Corporation ("ChinaCast" or the "Company") (OTC Markets: CAST).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose known facts related to deficiencies in the Company's internal controls. The lack of oversight at ChinaCast purportedly enabled the Company's Chairman and Chief Executive Officer, Ron Chan Tze Ngon ("Mr. Chan"), to wrongfully transfer $120 million in cash from bank accounts belonging to Company subsidiaries.
On April 2, 2012, NASDAQ halted ChinaCast trading. The same day, ChinaCast disclosed on the Company's Form 8-K that "there may be a significant material adverse effect on its business, financial condition, results of operations and business prospects" as a result of Mr. Chan's alleged wrongful conduct.
After being delisted from NASDAQ, ChinaCast commenced trading on OTC Markets on June 25, 2012, with the Company's shares plummeting by 80.66% on their first day of being traded on the new listing.
Request more information now by clicking here: www.faruqilaw.com/CAST. There is no cost or obligation to you.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). 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, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Juan Monteverde, Esq.
Richard Gonnello, Esq.
Francis McConville, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
SOURCE Faruqi & Faruqi, LLP
- AT&T And America Movil To Provide Deeper National Reach For Advanced Enterprise Services Across Latin America
- AT&T 4G LTE Available In Willimantic
- AT&T 4G LTE Available In Torrington
- AT&T And The University Of Kansas Team Up To Enhance Wireless Coverage On Lawrence Campus
- AT&T 4G LTE Available In Fargo
- AT&T 4G LTE Available In Amarillo
- Benefitfocus Announces Pricing of Initial Public Offering
- Trends of China Gear Industry 2013 Analysis & Reviewed in New Research Report at RnRMarketResearch.com
- Product Launch Formula 4.0 Bonuses Total $5000 at BrianHanson.com
- Datex Presents Motorola Solutions Webinar “Is It ‘Smart’ to Use Smartphones for the Enterprise?”
Related Partner Headlines
Recent Trading Ideas
Latest Partner Headlines