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.