Glancy
Prongay & Murray (“GPM”) reminds investors that a class
action lawsuit has been filed on behalf of a class investors who
purchased shares of China
Finance Online, Co. (“China Finance” or the “Company”) (NASDAQ:
JRJC) 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 alleges that the Company and its executives violated
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 further alleges that when the truth was finally revealed
regarding the Company’s executives criminal history, 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.
Investors of China Finance securities may move the Court no later than August
4, 2015 to serve as lead plaintiff. If you have information or would
like to learn more about these claims, or have any questions concerning
this announcement, please contact Casey Sadler, of GPM, 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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