Harwood Feffer LLP Announces Investigation of FAB Universal Corporation
NEW YORK, Nov. 25, 2013 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of FAB Universal Corporation ("FAB" or the "Company") (NYSE: FU), concerning whether the board has breached its fiduciary duties to shareholders.
FAB's primary source of revenue is "Intelligent Media Kiosks," at which customers can download digital content.
On November 14, 2013, it was reported that the Company has greatly overstated the number of kiosks deployed and operating, and that the kiosks were loaded with pirated content. On October 18, 2013, another report stated that the Company had failed to disclose an approximately $16 million bond offering to investors.
Our investigation concerns whether the Company board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing.
If you own FAB shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq.
Daniella Quitt, Esq.
Benjamin I. Sachs-Michaels, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
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SOURCE Harwood Feffer LLP