Zhiwei Zhao: The lawsuit, pending in U.S. District Court for the Central District of California, alleges that Zhiwei Zhao, Chairman and CEO of the Company, resigned from his positions at three key Chinese VIE subsidiaries of China Finance over the past few months after it was revealed that he had an indirect equity interest in a developer the Company had previously heavily invested in, according to Market Watch. As a result of the foregoing, China Finance Online public statements were materially false and misleading at all relevant times. JRJC, +3.44% of the August 4, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers. On this news, shares of China Finance fell $1.28 per share, to close on June 3, 2015 at $5.67, a one-day decline of 22% on volume of over 3 million shares. Take Action If you invested in China Finance stock or options between May 6, 2014 and June 3, 2015 and would like to discuss your legal rights, visit www.faruqilaw.com/JRJC. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Request more information now by clicking here: www.faruqilaw.com/JRJC. There is no cost or obligation to you.
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Tagged under Zhiwei Zhao, Company topics.