NEW YORK, Nov. 21, 2013 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in FAB Universal Corporation ("FAB" or the "Company") (NYSE: FU) of the January 17, 2014 deadline to seek the role of lead plaintiff in a federal securities class action filed against FAB and certain of its executives.
A class action against the Company was filed in the Southern District of New York on November 18, 2013 on behalf of all persons who invested in FAB securities between August 15, 2013 and November 15, 2013, inclusive.
The investigation focuses on whether the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and financial performance.
FAB is purportedly a distributor of copyright-protected digital media. On November 14, 2013, the Alfred Little website published a report that claims that FAB has embellished its financial performance. The report states in part that: (i) the Company's "Intelligent Media Kiosks" include pirated U.S. movies, despite claims to the contrary; (ii) FAB's kiosk manufacturers have acknowledged that they supplied only 10% of the total units the Company claims to have; (iii) one kiosk manufacturer aided in staging a deceptive manufacture site visit for FAB's investors; (iv) the Company only has about 25% of the total number of kiosks it states operate in Bejiing; and (v) FAB offers to repurchase franchised kiosks using the Company's common stock.
On November 21, 2013, market research firm GeoInvesting LLC further reported that FAB's Chinese VIE subsidiary had, unbeknownst to FAB investors, issued 100 million RMB ($16.4 million) in bonds.
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If you lost more than $100,000 investing in FAB stock or options and would like to discuss your legal rights, visit www.faruqilaw.com/FU. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com or firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding FAB's conduct to contact the firm, including whistleblowers, former employees, shareholders, and others.
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