Mining Co. Sued Over Fund Transfer Probe

Law360, New York (April 30, 2012, 7:15 PM EDT) -- A shareholder hit mining company Qiao Xing Universal Resources Inc. and two of its executives on Friday with a proposed class action alleging the company covered up the fact that its CEO resigned amid allegations he conducted suspicious transfers of company funds.

In a complaint filed in Virgin Islands federal court, Fayun Luo said he and other investors suffered financial losses when the defendants failed to disclose that in June the company’s then-CEO and Chairman Rui Lin Wu transferred company funds to a bank account under...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Fayun Luo v. Qiao Xing Universal Resources et al


Case Number

1:12-cv-00045

Court

Virgin Islands

Nature of Suit

Securities/Commodities

Judge

Anne E. Thompson

Date Filed

April 27, 2012

Companies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.