Qiao Xing Universal Resources, Inc. (NASDAQ:XING) Investor Files Class Action Lawsuit Over Alleged Securities Laws Violations

If you purchased a substantial amount of shares of Qiao Xing Universal Resources, Inc. (NASDAQ:XING) between July 15, 2011 and April 16, 2012, you have certain options and there are strict and short deadlines running. Deadline: June 26, 2012. Those NASDAQ:XING stockholders with a substantial investment in NASDAQ:XING shares should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Qiao Xing Universal Resources
Case Name: 
Qiao Xing Universal Resources Shareholder Class Action Lawsuit 04/27/2012
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: XING
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
04/27/2012
Class Period Begin: 
07/15/2011
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
Summary: 

April 30, 2012 (Shareholders Foundation) -- An investor in NASDAQ:XING shares 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.