NEW YORK--(BUSINESS WIRE)--The Rosen Law Firm announces that it has filed a class action lawsuit on behalf of purchasers of the common stock of China XD Plastics Company Ltd. (Nasdaq:CXDC) between August 12, 2009 and July 10, 2014, asserting violations of the federal securities laws and seeking to recover losses of China XD Plastics shareholders.
To join the China XD class action, visit the firm’s website at http://rosenlegal.com, or call Phillip Kim or Kevin Chan toll-free at 866-767-3653; you may also email email@example.com or firstname.lastname@example.org for information on the class action. The lawsuit filed by the firm is pending in the U.S. District Court for the Southern District of New York.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
According to the suit, China XD overstated its revenue and net income in its quarterly and annual reports issued to U.S. investors. 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 reported in 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. This adverse information caused the price of China XD stock to drop, damaging investors.
If you wish to serve as a lead plaintiff, you must move the Court no later than September 15, 2014. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, please visit the firm’s website at http://rosenlegal.com. To discuss your rights or interests regarding this class action, please contact Phillip Kim or Kevin Chan of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at email@example.com or firstname.lastname@example.org.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.