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Qiao Xing Universal Resources, Inc XING Securities Stock Fraud

Company: Qiao Xing Universal Resources, Inc
Ticker Symbol: XING
Class Period: Jul-15-11 to Apr-16-12
Date Filed: May-1-12
Lead Plaintiff Deadline: Jun-30-12
Court: District Court of the Virgin Islands
New York, NY: A securities class action suit was filed in the United States District Court for the District Court of the Virgin Islands on behalf of purchasers of the common stock of Qiao Xing Universal Resources, Inc. ("XING" or the "Company") between July 15, 2011 and April 16, 2012 inclusive (the "Class Period"). No Class has yet been certified in the above action

The Complaint charges the company and certain of its present and former officers and directors with violations of federal securities laws and that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose material adverse facts about XING's business. Specifically, the Complaint alleges that defendants failed to disclose that in June 2011 the Company's then Chairman Wu Rui Lin transferred Company funds to a bank account under his control.

On April 16, 2012 NASDAQ halted trading in XING shares. Then on April 20, 2012 the company announced that its Audit Committee determined to commence an internal investigation into a transfer of funds from a company subsidiary's bank account to an account controlled by Lin.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

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Published on May-2-12


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