San Diego, CA -- (ReleaseWire) -- 04/22/2014 -- An investigation on behalf of investors in Fab Universal Corp (NYSEMKT:FU) shares was initiated over potential breaches of fiduciary duties by certain officers and directors at Fab Universal Corp.
Investors who purchased shares of Fab Universal Corp (NYSEMKT:FU) in April 2012 or earlier and currently hold any of those NYSEMKT:FU shares, have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Fab Universal officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
Fab Universal Corp currently faces a lawsuit over alleged violations of Federal Securities Laws. The plaintiff alleges that Fab Universal Corp and certain of its officers and directors violated the Securities Exchange Act of 1934.More specifically, the plaintiff alleges that the defendants made allegedly materially false and misleading statements and/or failed to disclose that Fab Universal Corp overstated the number of Intelligent Media Kiosks ("Kiosks") deployed in China, that Fab Universal Corp’s Kiosks were inundated with pirated digital media entertainment, and that a subsidiary of Fab Universal Corp issued RMB 100 million (16.4 million) in bonds to Chinese investors.
On November 14, 2013, a report was published that alleged that FAB Universal has greatly exaggerated its true financial performance. Shares of Fab Universal Corp (NYSEMKT:FU) declined from $9.70 per share in September 2013 to $3.07 per share on November 21, 2013.
Those who purchased shares of Fab Universal Corp (NYSEMKT:FU) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego