NEW YORK, Sept. 15, 2014 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the District of New Jersey on behalf of investors who purchased China Commercial Credit, Inc. ("China Commercial" or the "Company") (Nasdaq:CCCR) common stock between November 14, 2013 and July 25, 2014.
For more information, click here: http://zlk.9nl.com/china-commercial-credit-cccr.
The complaint alleges that China Commercial misled investors regarding its involvement in risky loans and loan guarantee obligations. In a February 18, 2014 Forbes article, China Commercial's Chief Executive Officer was quoted as saying that "[highly risky loans] among microcredit companies in [China] are not widespread." Then on May 9, 2014, during a public offering, the Company sold 1,650,386 shares at $3.99 per share. In the prospectus China Commercial represented that it estimated its loss on its guarantee business to be about 1% of the contract amount. Then on July 25, 2014, China Commercial issued a press release stating that it had paid out $5.4 million in loan guarantees in Q1 2014 and $2.1 million in one-year notes from the borrowers; the Company also noted that it had paid out $3.7 million in guarantees in Q2 2014.
If you suffered a loss in China Commercial you have until October 6, 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 a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/china-commercial-credit-cccr.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm's 26 attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.