WILMINGTON, Del.--(BUSINESS WIRE)-- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, announced today that a securities fraud class action lawsuit has been filed on behalf of investors of China XD Plastics Company Ltd. (NASDAQ: CXDC) (“China XD” or the “Company”) that held shares between August 12, 2009 and July 10, 2014.
A copy of the complaint is available from the court or from Andrews & Springer LLC. If you would like to join the class action, please visit our website or contact Craig J. Springer, Esq. at firstname.lastname@example.org, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
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 ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, China XD is a specialty chemical company that creates plastics used in the automotive industry. On July 10, 2014, equity research firm Bleecker Street Research published an article asserting that the Company’s reported income to Chinese authorities was much smaller than the income reported to the U.S. Securities and Exchange Commission (the “SEC”) for the period of 2008-2010. The report also discloses that China XD’s CFO, Taylor Zhang, was formerly an Executive Vice President of China Natural Gas, a Chinese company accused of fraud by the SEC. As a result of this news, the Company’s share price fell over 15% and closed at $6.48 on July 10, 2014.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.
Andrews & Springer LLC
Craig J. Springer, Esq., 1-800-423-6013
Source: Andrews & Springer LLC