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...
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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

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