NEW YORK, April 18, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at China Unicom (Hong Kong) Limited ("China Unicom" or the "Company") (NYSE: CHU).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that some of the Company's executives might have been involved in bribery and corruption while performing their duties.
Specifically, on December 28, 2015, BBC News announced that Chang Xiaobing, the former Chairman of China Unicom from 2004 to 2015, had been placed under investigation by the Communist Party's anti-corruption agency. Then, on July 12, 2016, South China Morning Post reported that China's Central Commission for Discipline Inspection had accused Xiaobing of taking bribes, interfering in the anti-graft agency's inspection, and violating state-owned enterprise corporate governance rules.
Most recently, April 18, 2017, The Standard reported that Xiaobing admitted at trial that he had accepted bribes worth more than 3.76 million yuan during his 14-year tenure at the Company. On this news, China Unicom's American Depositary Receipt price fell, damaging investors.
Request more information now by clicking here: www.faruqilaw.com/CHU. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
Faruqi & Faruqi, LLP also encourages anyone with information regarding China Unicom's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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