NEW YORK, Jan. 16, 2014 /PRNewswire/ -- The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the USDC for the Southern District of New York on behalf of investors who purchased FAB Universal Corporation ("FAB" or the "Company") (NYSE MKT: FU) securities between June 15, 2012 and November 18, 2013.
Click here to learn about the case: http://docs.wongesq.com/FU-Info-Request-Form-125. There is no cost or obligation to you.
The complaint alleges that defendants made materially false and misleading statements and/or failed to disclose that: (a) the Company overstated the number of Intelligent Media Kiosks deployed in China; (b) the Company's Kiosks were largely filled with pirated digital media; and (c) a Company subsidiary issued RMB 100 million (approximately $16.4 million) in bonds to Chinese investors.
On November 14, 2013, a report was issued on Alfredlittle.com alleging that FAB had exaggerated its true financial performance. Among other allegations, the report alleges that the Company's "Intelligent Media Kiosks" -- which are meant to allow the download of copyright-protected movies --are in fact supplied with pirated American films. The report also suggests that the Company's director of franchise sales acknowledged that the Company has approximately 100 kiosks in Beijing, rather than the 3,954 disclosed in the Company's Proxy on June 1, 2012.
If you suffered a loss in FAB you have until January 17, 2014 to request that the court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. To obtain additional information, contact Vincent Wong, Esq. either via email email@example.com, by telephone at 212.425.1140, or visit http://docs.wongesq.com/FU-Info-Request-Form-125.
Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.
Vincent Wong, Esq.
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SOURCE The Law Offices of Vincent Wong