NEW YORK, June 1 /PRNewswire-Asia-FirstCall/ -- China INSOnline Corp. (Nasdaq: CHIO), which operates http://www.soobao.cn , one of China's leading insurance services web portals, today declares its intention to aggressively combat naked short selling of the Company's common stock and protect its shareholder's interests. This is expected to improve stability in the value of its stock and improve long-term investor confidence in the market.
Today the company's suspicions were confirmed when NASDAQ OMX published the results on the short list under the regulation SHO Threshold Security List.
The company has discussed with securities council regarding the pursuit of civil action aggressively against the market participants engaged in the naked short selling in question for stock manipulation. In addition the company has notified NASD and NASDAQ OMX about the situation. The Company plans to diligently file complaints with the regulatory authorities to accelerate the enforcement of the potential market participants' illegal actions. The result of such actions causes untold financial damage to both the company and shareholders alike.
About China INSOnline Corp.
China INSOnline Corp., incorporated in Delaware and headquartered in Beijing, is a licensed insurance agency in The People's Republic of China. Representing major insurance underwriting firms in China, the Company offers online automobile, property and life insurance services through its industry web portal, http://www.soobao.cn . The Company's online platform also provides consumers, agents and insurance companies with online transaction capabilities, advertising, online inquiry, news circulation, statistical analysis and software development services. For more information, please visit http://www.china-insonline.com .
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations or beliefs, including, but not limited to, statements concerning the Company's operations, financial performance and condition. For this purpose, statements that are not statements of historical fact may be deemed to be forward-looking statements. The Company cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, but not limited to, the impact of competitive products, pricing and new technology; changes in consumer preferences and tastes; and effectiveness of marketing; changes in laws and regulations; fluctuations in costs of production, and other factors as those discussed in the Company's reports filed with the Securities and Exchange Commission from time to time. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
For more information, please contact: IR Department Tel: +1-212-945-7558 Email: firstname.lastname@example.org Web: http://www.china-insonline.com
SOURCE China INSOnline Corp.