Qiao Xing Universal Resources Inc (NASDAQ: XING) Investor Securities Class Action Lawsuit 04/27/2012

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Company Name(s): 
Qiao Xing Universal Resources
Case Name: 
Qiao Xing Universal Resources Shareholder Class Action Lawsuit 04/27/2012
Case Status: 
Lawsuit Filed
Case Status: 
Judgment Issued
Affected Securities
NASDAQ: XING
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
04/27/2012
Class Period Begin: 
05/26/2010
Class Period End: 
04/16/2012
Court of Filing: 
U.S. District Court of the Virgin Islands
Deadline To File for Lead: 
06/26/2012
Case Dismissed: 
07/07/2014
Summary: 

July 7, 2014 - The court issued an entry of default ordering the motion for default judgment entered for the plaintiffs.

June 11, 2014 - The lead plaintiff filed a notice of request for entry of default.

May 21, 2013 - The lead plaintiff filed a second amended complaint on behalf of investors who purchased Qiao Xing Universal Resources Inc (NASDAQ: XING) common shares between May 26, 2010 and April 16, 2012. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between May 26, 2010 and April 16, 2012.

March 6, 2013 - Lead plaintiff and lead counsel were appointed.

June 26, 2012 - Lead plaintiff motions were filed.

June 15, 2012 - A plaintiff filed an amended complaint on behalf of investors who purchased Qiao Xing Universal Resources Inc (NASDAQ: XING) common shares between August 23, 2010 and April 16, 2012. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between August 23, 2010 and April 16, 2012.

April 27, 2012 - An investor in shares of Qiao Xing Universal Resources Inc (NASDAQ: XING) filed a lawsuit in the U.S. District Court of the Virgin Islands against Qiao Xing Universal Resources Inc over alleged Violations of U.S. Federal Securities Laws in connection with certain statements.

According to the complaint the plaintiff alleges on on behalf of investors who purchased the stock of Qiao Xing Universal Resources Inc (NASDAQ: XING) between July 15, 2011 and April 16, 2012, that Qiao Xing Universal Resources Inc and certain of its present and former officers and directors violated that Securities Exchange Act of 1934 by issuing allegedly false and misleading information to investors. Specifically, the plaintiff claims that defendants failed to disclose that in June 2011 the Company’s then CEO and Chairman Rui Lin Wu transferred Company funds to a bank account under his control.

NASDAQ has suspended trading in XING’s stock as of April 16, 2012 and on April 20, 2012, Qiao Xing Universal Resources Inc announced the commencement of an internal investigation by the Company's audit committee concerning a transfer of funds from a Company subsidiary's bank account to an account controlled by the Company's former Chairman, Wu Rui Lin, in June 2011. The Company also announced it would also be reviewing certain transactions involving the pledge or transfer of Company assets and to confirm cash balances of the Company's bank accounts.