SAN DIEGO, Dec. 4, 2013 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of Fab Universal Corp (FU) common stock over alleged violations of Federal Securities Laws by Fab Universal Corp in connection with certain allegedly false and misleading statements made between June 12, 2012 and November 18, 2013.
If you purchased a significant amount of shares of Fab Universal Corp (FU) between June 12, 2012 and November 18, 2013, and / or if you purchased Fab Universal Corp shares in 2012 or earlier and currently hold any of those shares, you have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants made allegedly materially false and misleading statements and/or failed to disclose that Fab Universal Corp overstated the number of Intelligent Media Kiosks ("Kiosks") deployed in China, that Fab Universal Corp's Kiosks were inundated with pirated digital media entertainment, and that a subsidiary of Fab Universal Corp issued RMB 100 million (16.4 million) in bonds to Chinese investors.
On November 14, 2013, a report was published that alleged that FAB Universal has greatly exaggerated its true financial performance.
Shares of Fab Universal Corp declined from $9.70 per share in September 2013 to as low as $3.07 per share in late November 2013.
Those who purchased shares of Fab Universal Corp have certain options and should contact the Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.