San Diego, CA -- (ReleaseWire) -- 07/23/2014 -- An investor, who purchased shares of China XD Plastics Co Ltd (NASDAQ:CXDC), filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by China XD Plastics Co Ltd in connection with certain allegedly false and misleading statements made between August 12, 2009 and July 10, 2014.
Investors who purchased China XD Plastics Co Ltd (NASDAQ:CXDC have certain options and for certain investors are short and strict deadlines running. Deadline: September 15, 2014. NASDAQ:CXDC investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of China XD Plastics Co Ltd (NASDAQ:CXDC) common shares between August 12, 2009 and July 10, 2014, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that China XD Plastics Co Ltd overstated its revenue and net income in its quarterly and annual reports issued to U.S. investors
China XD Plastics Co Ltd reported that its annual Total Revenue rose from $249.82 million in 2010 to over $1.05 billion in 2013 and that its respective Net Income increased from $28.84 million to $13384 million. Shares of China XD Plastics Co Ltd (NASDAQ:CXDC) grew from $3.52 per share in September 2012 to as high as $12.20 per share in June 2014.
Then on July 10, 2014, a report was released asserting that China XD Plastics Co Ltd had filed reports with regulators in China that showed materially smaller amounts of revenue and net income for fiscal years 2010, 2011 and 2012, than its filings in the U.S. with the Securities Exchange Commission (“SEC”). Shares of China XD Plastics Co Ltd (NASDAQ:CXDC) declined from over $12 in June to $5.33 per share on July 10, 2014.
On July 21, 2014, NASDAQ:CXDC shares closed at $6.14 per share.
Those who purchased shares of China XD Plastics Co Ltd (NASDAQ:CXDC) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego