Qiao Xing Universal Resources, Inc. (NASDAQ:XING) Investor Investigation Over Possible Securities Laws Violations

If you purchased a substantial amount of shares of Qiao Xing Universal Resources, Inc. (NASDAQ:XING), you have certain options and you should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this investigation, 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
Affected Securities: 
NASDAQ: XING

April 23, 2012 (Shareholders Foundation) -- An investigation on behalf of investors in shares of Qiao Xing Universal Resources, Inc. (NASDAQ:XING) potential securities laws violations by certain officers and directors at Qiao Xing Universal Resources, Inc. was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Qiao Xing Universal Resources, Inc. (NASDAQ:XING) concerning whether the company, certain of its officers and directors, or others have possibly violated federal securities laws. Specifically, the investigation concerns whether certain statements over Qiao Xing Universal Resources’ business, its prospects and its operations were potentially materially false and misleading at the time they were made.

Qiao Xing Universal Resources, Inc. announced that its Annual Revenue fel from $497.90million in 2007 to $183.08million in 2010 and its Net Income of $143.29million in 2007 fell to a Net Loss of $8.8million in 2010.

Shares of Qiao Xing Universal Resources, Inc. (NASDAQ:XING) fell from as high as $19.53 per share in 2007 to $0.635 on April 13, 2012.

NASDAQ has suspended trading in XING’s stock as of April 16, 2012.

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.