Glancy
Prongay & Murray announces that a class action has been filed on
behalf of investors of China
Finance Online, Co. (“China Finance” or the “Company”) (NASDAQ:
JRJC) who purchased shares of China Finance between May 6, 2014 through
June 3, 2015, inclusive (the “Class Period”), and have been damaged by
the recent declines in the Company’s stock price. China Finance
investors must file a motion by August 4, 2015 for consideration
as a class representative in this purported class action.
The lawsuit concerns the Company’s and its executives’ alleged
violations of the securities laws, based on recent reports
alleging that: (1) the most current Chinese government records show that
China Finance 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.
The complaint alleges that when the truth was finally revealed regarding
the above Company matters, 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 thereby damaging investors.
If you purchased shares of China Finance during the Class Period, 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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