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Qiao Xing Mobile Communication Co Ltd (NYSE: QXM) Investor Securities Class Action Lawsuit 12/19/2012

  • If you purchased shares of Qiao Xing Mobile Communication Co Ltd (NYSE: QXM), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Qiao Xing Mobile Communication Co., Ltd.
Security
NYSE: QXM

Case Name
Qiao Xing Mobile Communication Shareholder Class Action Lawsuit 12/19/2012
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

May 6, 2014 - The lead plaintiff filed a notice of voluntary dismissal without prejudice and the court ordered the case closed.
April 15, 2013 - The lead plaintiff and lead counsel were appointed.

February 19, 2013 - Lead plaintiff motions were filed.

December 19, 2012 - An investor in shares of Qiao Xing Mobile Communication Co Ltd (NYSE: QXM now trading on the OTC sheets as QXMCF) filed a lawsuit in the U.S. District Court for the Southern District of New York against Qiao Xing Mobile Communication Co Ltd over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between September 10, 2010 and May 2, 2012.

According to the complaint the plaintiff alleges on all persons or entities who purchased or otherwise acquired securities of Qiao Xing Mobile Communication Co Ltd (NYSE: QXM) between September 10, 2010 and May 2, 2012, that Qiao Xing Mobile Communication Co Ltd and certain of its officers and directors violated the Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, the plaintiff claims that between September 10, 2010 and May 2, 2012 Qiao Xing Mobile Communication Co Ltd allegedly made false and/or misleading statements, as well as failed to disclose material adverse facts about Qiao Xing Mobile Communication Co Ltd's business, operations, and prospects.

Qiao Xing Mobile Communication Co Ltd (NYSE: QXM) reported that its annual Revenue declined from over $1.63 billion in 2009 to $855.54 million in 2010 and its Net Loss over the same time periods increased from $250.37 million to $362.84 million.

On April 30, 2012, Qiao Xing Mobile Communication Co Ltd disclosed that it would not be able to file its annual report for the year ended December 31, 2011 due to delays in obtaining certain required documents and information necessary for its public accounting firm to complete their audit procedures in a timely manner.

Then on May 2, 2012, Qiao Xing Mobile Communication Co Ltd announced the immediate resignation of its Chief Financial Officer.

On May 17, 2012, the NYSE delisted Qiao Xing Mobile Communication Co Ltd shares.

Shares of Qiao Xing Mobile Communication Co Ltd trade under OTC: QXMCF at $0.12 per share.