FAB Universal Corp is an American company involved in digital media and entertainment distribution worldwide.

According to the law firm press release, the lawsuit claims that FAB Universal and certain of its officers and directors made materially false and misleading statements and/or failed to disclose that: (a) the Company overstated the number of Intelligent Media Kiosks (“Kiosks”) deployed in China; (b) its Kiosks were inundated with pirated digital media entertainment, and (c) a Company subsidiary issued RMB 100 million ($16.4 million) in bonds to Chinese investors. According to the Complaint, when these adverse facts entered the market, the value of FAB Universal securities declined, damaging investors.

On April 25, 2014, the Court issued an Order appointing lead Plaintiffs and approving lead Counsel. Lead Plaintiffs filed a Consolidated Complaint on August 1.

On July 10, 2015, the parties entered into a Stipulation of Settlement. This Settlement was preliminarily approved by the Court on October 16, 2015. The Court granted final approval of the Settlement and dismissed this case with prejudice on January 28, 2016.