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FAB Universal Accused of Failing to Disclose Related Party Transactions and Overstating Profits
Shares of FAB Universal fell $0.21, or 4%, to close at $5.46 on November 14, 2013, after the release of a report by Alfredlittle.com claiming that the company's financial performance, business prospects, and true financial condition were overstated. Then, on November 18, 2013, FAB Universal shares fell an additional $0.89, or 16%, to close at $4.40 following a GeoInvesting.com report revealing that the company failed to disclose to investors its issuance of RMB 100 million ($16.4 million) of bonds in China.
According to the complaint, FAB Universal substantially overstated the number of Intelligent Media Kiosks the company has deployed in China and that its Kiosks contain large amounts of unlicensed digital entertainment content. Further, the complaint alleges that the company's Chinese subsidiary issued RMB 100 million ($16.4 million) of bonds to Chinese investors in April 2013, which the company failed to report in its 2013 second and third quarter 10-Qs filed with the U.S. Securities and Exchange Commission.
FAB Universal Shareholders Are Encouraged to Contact Shareholder Rights Law Firm Robbins Arroyo
@ famosestock & Optimistin,
Na wo sind denn nun Euro Kursziele von 200.00 $ und sogar 175.00 $ geblieben ?
Die erschliessen eben immer neue Märkte, jetzt ist erst mal Europa dran.