Bronstein, Gewirtz & Grossman, LLC Announces That A Class Action Has Been Filed Against Qiao Xing Universal Resources, Inc.

NEW YORK, May 1, 2012 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC announces that a class action suit was filed in the United States District Court for the District Court of the Virgin Islands on behalf of purchasers of the common stock of Qiao Xing Universal Resources, Inc. ("XING" or the "Company") (NasdaqGS: XING), between July 15, 2011 and April 16, 2012 inclusive (the "Class Period"). 

The Complaint charges the company and certain of its present and former officers and directors with violations of federal securities laws and that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose material adverse facts about XING's business. Specifically, the Complaint alleges that defendants failed to disclose that in June 2011 the Company's then Chairman Wu Rui Lin transferred Company funds to a bank account under his control.

On April 16, 2012 NASDAQ halted trading in XING shares.  Then on April 20, 2012 the company announced that its Audit Committee determined to commence an internal investigation into a transfer of funds from a company subsidiary's bank account to an account controlled by Lin. 

No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact either Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. June 26, 2012 is the deadline for investors to seek a lead plaintiff appointment.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique.  Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients.  In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration.

Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman, 212-697-6484
[email protected]

SOURCE Bronstein, Gewirtz & Grossman, LLC

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