LOS ANGELES, CA / ACCESSWIRE / July 16, 2019 / The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of ChinaCache International Holdings Ltd. ("ChinaCache" or "the Company") (NASDAQ: CCIH) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. ChinaCache filed a Form NT 20-F with the SEC on April 29, 2019, disclosing that it would not be able to file its annual report for the fiscal year 2018 in a timely manner. ChinaCache then disclosed on May 17, 2019, that the Company and its CEO and Chairman Song Wang were under criminal investigation for bribery by the Chinese government. Wang resigned from the CEO and Chairman positions, NASDAQ halted trading in ChinaCache on the same day.
The Company revealed on May 23, 2019, that it had received a letter from NASDAQ indicating that the Company was not in compliance with listing requirements, and asking questions about the resignation of its auditor, its selection of a new auditor, and the bribery allegations in China. Trading in ChinaCache remains halted, leaving the Company's shares illiquid and seemingly worthless.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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SOURCE: The Schall Law Firm
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