SAN DIEGO & BEIJING--(BUSINESS WIRE)--
Shareholder rights law firm Robbins Arroyo LLP announces that a purchaser of ChinaCache International Holdings Ltd. (CCIH) filed a class action complaint for alleged violations of the Securities Exchange Act of 1934 between April 10, 2015 and May 17, 2019. ChinaCache is an investment holding company that provides content and application delivery services in the People's Republic of China.
View this information on the law firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/chinacache-international-holdings-ltd/
ChinaCache Trading Halted Amidst Criminal Investigation for Bribery
According to the complaint, on April 29, 2019, ChinaCache disclosed that it would delay filing its annual report for the 2018 fiscal year. On May 17, 2019, ChinaCache announced that the company and CEO and Chairman Song Wang were under criminal investigation by a government prosecutor office in Beijing for charges of enterprise bribery. On this news, ChinaCache's ADR price fell over 20% to $0.88 per share on May 17, 2019, before NASDAQ halted its trading. The same day, Wang resigned as CEO and Chairman. On May 23, 2019, ChinaCache announced that it received a NASDAQ Notification Letter. The NASDAQ Letter probed ChinaCache regarding the resignation of its auditor, Grant Thornton China, ChinaCache's engagement of its new independent auditor, and the allegations of enterprise bribery by ChinaCache and Wang. Trading in ChinaCache ADRs on the NASDAQ remains halted as of June 17, 2019.
If you purchased ChinaCache securities during the class period, you have until August 12, 2019, to ask the court to be appointed lead plaintiff for the class.
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leo Kandinov at (800) 350-6003, firstname.lastname@example.org or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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