Law
Offices of Howard G. Smith reminds investors that a class action
lawsuit 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 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.
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, you are encouraged to contact
Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070
Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at
(215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com,
or visit our website at http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
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