Glancy Prongay & Murray LLP announces that it is investigating potential
claims on behalf of investors of China
Finance Online, Co. (“China Finance” or the “Company”) (NASDAQ:JRJC)
concerning the Company’s and its officers’ possible violations of
federal securities laws.
The investigation concerns the Company’s and its executives purported
violation of the securities laws, based on recent reports
alleging that: (1) the most current Chinese government records show that
Chairman and CEO Zhiwei Zhao suddenly resigned from his positions at
three key Chinese VIE subsidiaries of China Finance over the past few
months; (2) Chinese media reports exposing the detention of the
Company’s independent director Rongquan Leng prompted China Finance to
announce his resignation, without addressing his alleged detention; and
(3) Ling Wang, a former long-time China Finance director and associate
of Zhao, fled China in 2014, leaving his company indebted to China
Finance for $25 million.
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.
If you purchased shares of China Finance prior to June 3, 2015, have
information or would like to learn more about these claims, or have any
questions concerning this announcement or your rights or interests with
respect to these matters, please contact Lesley Portnoy, of Glancy
Prongay & Murray LLP, 1925 Century Park East, Suite 2100, Los Angeles,
California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com,
or visit our website at http://www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
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