NEW YORK--(BUSINESS WIRE)--The Rosen Law Firm, P.A. announces that it is investigating potential securities fraud claims against China XD Plastics Company Limited (NASDAQ: CXDC) resulting from allegations that the Company overstated its revenue and income.
On July 10, 2014, Bleecker Street Research released a report asserting that China XD Plastics had filed reports with regulators in China that showed materially smaller amounts of revenue and net income for fiscal years 2010, 2011 and 2012, than its SEC filings. In addition, the report asserts that China XD Plastics’ gross margins are unbelievably high relative to its competitors, and that its CFO has been linked to an embarrassing financial fraud at another Chinese public company.
On this news, shares of China XD Plastics fell to $6.27/share from $7.65/share in intra-day trading, damaging investors.
The Rosen Law Firm is preparing a class action lawsuit on behalf of China Mobile Games investors. If you purchased China XD Plastics securities you may visit the website at http://rosenlegal.com to join the action. You may also contact Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at firstname.lastname@example.org or email@example.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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Laurence Rosen, Esq.
Phillip Kim, Esq.
Kevin Chan, Esq.
The Rosen Law Firm P.A.
275 Madison Avenue, 34th Floor
New York, New York 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
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