Levi & Korsinsky announces that a class action lawsuit has been
commenced in the United States District Court for the District of New
Jersey on behalf of investors who purchased China Commercial Credit,
Inc. (“China Commercial” or the “Company”) (NasdaqCM:CCCR) common stock
between November 14, 2013 and July 25, 2014.
For more information, click here: http://zlk.9nl.com/china-commercial-credit-cccr.
The complaint alleges that China Commercial misled investors regarding
its involvement in risky loans and loan guarantee obligations. In a
February 18, 2014 Forbes article, China Commercial’s Chief Executive
Officer was quoted as saying that “[highly risky loans] among
microcredit companies in [China] are not widespread.” Then on May 9,
2014, during a public offering, the Company sold 1,650,386 shares at
$3.99 per share. In the prospectus China Commercial represented that it
estimated its loss on its guarantee business to be about 1% of the
contract amount. Then on July 25, 2014, China Commercial issued a press
release stating that it had paid out $5.4 million in loan guarantees in
Q1 2014 and $2.1 million in one-year notes from the borrowers; the
Company also noted that it had paid out $3.7 million in guarantees in Q2
2014.
If you suffered a loss in China Commercial you have until October 6,
2014 to request that the Court appoint you as lead plaintiff. Your
ability to share in any recovery doesn’t require that you serve as a
lead plaintiff. To obtain additional information, contact Joseph E.
Levi, Esq. either via email at jlevi@zlk.com
or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/china-commercial-credit-cccr.
Levi & Korsinsky is a national firm with offices in New York, New
Jersey, Connecticut and Washington D.C. The firm’s 26 attorneys have
extensive expertise in prosecuting securities litigation involving
financial fraud, representing investors throughout the nation in
securities and shareholder lawsuits. For more information, please feel
free to contact any of the attorneys listed below. Attorney advertising.
Prior results do not guarantee similar outcomes.
Copyright Business Wire 2014