Qiao Xing Universal Resources, Inc. Securities Litigation
On or around 05/01/2018 (Other)
Filing Date: April 27, 2012
According to the law firm press release, the Complaint asserts violations of the securities laws against Qiao Xing and its present and former officers and directors for issuing false and misleading information to investors. Specifically, the Complaint alleges defendants failed to disclose that in June 2011 the Company’s then CEO and Chairman transferred Company funds to a bank account under his control.
On April 16, 2012 NASDAQ halted trading in Qiao Xing’s shares. On April 20, 2012 the Company announced the commencement of an internal investigation into the CEO's June 2011 fund transfers. The Complaint alleges that as a result of this adverse information, Qiao Xing’s stock price has dropped, damaging investors.
On June 15, 2012, the Plaintiffs filed an Amended Complaint.
On March 6, 2013, the Court issued an Order appointing lead plaintiff and approving the selection of lead counsel. On May 21, the lead plaintiffs filed their amended complaint.
On July 7, 2014, the Court granted Plaintiff's Motion for default judgment due to Defendants failing to respond to the First Amended Complaint. On May 1, 2018, the Court issued an Order granting Plaintiff's Motion for Default Judgment and granting Plaintiff's application for damages.
Company & Securities Information
Defendant: Qiao Xing Universal Resources, Inc.
Industry: Communications Equipment
Ticker Symbol: XING
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Fayun Luo , et al. v. Qiao Xing Universal Resources, Inc., et al.