STEVENSON, Md., Nov. 19, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of FAB Universal Corp. ("FAB" or the "Company") (NYSE: FU ) securities during the period between June 15, 2012 and November 18, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in FAB Universal Corp. securities purchased on or after June 15, 2012, and held through any of the revelations of negative information on November 14, 2013 and/or November 18, 2013, as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com , by email at hoffman@browerpiven.com , by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than January 17, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company overstated the number of Intelligent Media Kiosks ("Kiosks") deployed in China, that these Kiosks were inundated with pirated movies, and that a Company subsidiary had issued RMB 100 million ($16.4 million) in bonds to Chinese investors. According to the complaint, following a November 14, 2013 report by Alfredlittle.com that revealed that the Company was overstating the number of Kiosks and that these Kiosks were filled with pirated material and the November 18, 2013 report by Geoinvesting.com that revealed the Company's bond offering, the value of FAB shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616
