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Case Status:    DISMISSED    
On or around 05/24/2013 (Court's order of dismissal)

Filing Date: December 19, 2012

The Complaint alleges that throughout the Class Period, the Company made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company was unable to provide the investing public with accurate and current information regarding its current financial results, operations or governance; (2) the Company lacked adequate internal and financial controls; and (3) as a result of the foregoing, the Company’s statements were materially false and misleading at all relevant times. As a result of Company’s wrongful acts and omissions, and the precipitous decline in the market value of the Company's securities, Class members have suffered significant losses and damages.

On April 30, 2012, the Company disclosed that it would not be able to file its annual report for the year ended December 31, 2011 “due to delays in obtaining certain required documents and information necessary for its public accounting firm to complete their audit procedures in a timely manner.”

On May 2, 2012, the Company announced the immediate resignation of its Chief Financial Officer. On this news Qiao Xing Mobile shares declined $0.20 per share or 29%, to close at $0.48 per share.

On May 17, 2012, the NYSE delisted Qiao Xing Mobile shares. When the stock started trading on over-the-counter market the next day, the stock declined $0.33 per share or nearly 69%, to close at $0.15 per share on May 18, 2012.

On April 15, 2013, the Court appointed Mr. Ghodooshim to serve as lead plaintiff and approved Pomerantz Grossman Hufford Dahlstrom & Gross LLP as of lead counsel.

On May 23, 2013, the Court entered a default judgment against the Defendant QXM after not having answered, moved, or otherwise responded to the Complaint and the time for doing so had expired. Accordingly, the Court certified the plaintiff class and judgment was appropriately entered pursuant to Fed. R. Civ. P. 54(b).

COMPANY INFORMATION:

Sector: Technology
Industry: Communications Equipment
Headquarters: China

SECURITIES INFORMATION:

Ticker Symbol: QXM
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.
COURT: S.D. New York
DOCKET #: 12-CV-09264
JUDGE: Hon. Jed S. Rakoff
DATE FILED: 12/19/2012
CLASS PERIOD START: 09/10/2010
CLASS PERIOD END: 05/02/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz Haudek Block Grossman & Gross LLP (Chicago)
    10 South LaSalle Street, Suite 3505, Pomerantz Haudek Block Grossman & Gross LLP (Chicago), IL 60603
    312.377.1181 312.377.1181 ·
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date