NEW YORK, July 28, 2014 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. reminds all purchasers of the common stock of China XD Plastics Company Ltd. – (Nasdaq:CXDC) between August 12, 2009 and July 10, 2014 of the important September 15, 2014 lead plaintiff deadline in the class action filed by the firm.
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 pkim@rosenlegal.com or kchan@rosenlegal.com 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 income to 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 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. The complaint alleges that this adverse information caused the price of China XD stock to drop, damaging investors.
If you wish to serve as 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, or 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 pkim@rosenlegal.com or kchan@rosenlegal.com. You may also visit the firm's website at http://rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.