China Mobile Hit With $48M Suit Over Exchange Delisting

Law360, Los Angeles (January 8, 2013, 9:45 PM EST) -- China Mobile Media Technology Inc., founder Zhang Zhengyu and principal Magical Insight Investments Ltd. were hit Monday in New York state court with a lawsuit filed by two investment companies over $48 million they say is owed after China Mobile broke an agreement requiring the technology company to be consistently listed on a stock exchange.

Monday’s complaint, filed in New York Supreme Court by Abax Lotus Ltd. and Abax Nai Xin A Ltd., affiliates of investment company Abax Global Capital, raises allegations that China Mobile and...
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