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Qiao Xing Universal Resources, Inc.

Case Summary

Qiao Xing Universal Resources, Inc. Securities Litigation

Case Summary

Case Status:    SETTLED
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.

COMPANY INFORMATION:

Sector: Technology
Industry: Communications Equipment
Headquarters: China

SECURITIES INFORMATION:

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.

COURT: D. Virgin Islands
DOCKET #: 12-CV-00045
JUDGE: Hon. Wilma A Lewis
DATE FILED: 04/27/2012
CLASS PERIOD START: 07/15/2011
CLASS PERIOD END: 04/16/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Law Offices Of Joel Holt
    2132 Company Street, Suite 2, Law Offices Of Joel Holt 00820
    340-773-8079 340-773-8677 · holtvi@aol.com
  2. The Rosen Law Firm P.A. (New York)
    275 Madison Avenue, 34th Floor, The Rosen Law Firm P.A. (New York), NY 10016
    (212) 686-1060 (212) 202-3827 ·
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Complaint 04/27/2012
2 First Amended Complaint 06/15/2012
3 U.S. District Court Civil Docket 03/06/2013
4 Order 03/06/2013

Reference Complaint

Fayun Luo, et al. v. Qiao Xing Universal Resources, Inc., et al.

COURT: D. Virgin Islands
DOCKET #: 12-CV-00045
JUDGE: Hon. Wilma A Lewis
DATE FILED: 05/21/2013
CLASS PERIOD START: 05/26/2010
CLASS PERIOD END: 04/16/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Law Offices Of Joel Holt
    2132 Company Street, Suite 2, Law Offices Of Joel Holt 00820
    340-773-8079 340-773-8677 · holtvi@aol.com
  2. The Rosen Law Firm P.A. (New York)
    275 Madison Avenue, 34th Floor, The Rosen Law Firm P.A. (New York), NY 10016
    (212) 686-1060 (212) 202-3827 ·
Reference Complaint (REF) Filings:
No Document Title Filing Date
1 Second Amended Complaint 05/21/2013
2 Entry of Default 07/07/2014
3 Order 06/06/2017
4 Opinion 01/02/2018
5 Order 01/02/2018
6 Order 05/01/2018
7 U.S. District Court Civil Docket 05/01/2018
 
 

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