Law Offices of Howard G. Smith Announces Class Action Lawsuit Against FAB Universal Corporation

Business Wire

BENSALEM, Pa.--(BUSINESS WIRE)--

Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class (the “Class”) comprising all purchasers of the common stock, call options and sellers of put options of FAB Universal Corporation (“FAB” or the “Company”) (NYSE MKT:FU) between June 12, 2012 to November 18, 2013, inclusive (the “Class Period”).

FAB engages in the distribution of digital entertainment products and services worldwide. The Complaint alleges that throughout the Class Period the defendants made false and/or misleading statements and failed to disclose material adverse facts about the Company's business, operations and financial performance. Specifically, the defendants misrepresented or failed to disclose that:

  • The Company overstated the number of Intelligent Media Kiosks deployed in China.
  • The Company’s Kiosks were inundated with pirated digital media entertainment.
  • A Company subsidiary issued RMB 100 million ($16.4 million) in bonds to Chinese investors.

If you are a member of the Class described above you may move the Court no later than January 17, 2014, to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If have any questions concerning this Notice or your rights or interests with respect to these matters, please 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.

Contact:
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
(215) 638-4847
(888) 638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com

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