Faruqi & Faruqi, LLP Announces Investigation of FAB Universal Corporation
Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud claims on behalf of investors of FAB Universal Corporation (“FAB” or the “Company”) (NYSE: FU).
The investigation focuses on whether the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and financial performance.
FAB is purportedly a distributor of copyright-protected digital media. On November 14, 2013, the Alfred Little website published a report that claims that FAB has embellished its financial performance. The report states in part that: (i) the Company’s “Intelligent Media Kiosks” include pirated U.S. movies, despite claims to the contrary; (ii) FAB’s kiosk manufacturers have acknowledged that they supplied only 10% of the total units the Company claims to have; (iii) one kiosk manufacturer aided in staging a deceptive manufacture site visit for FAB’s investors; (iv) the Company only has about 25% of the total number of kiosks it states operate in Bejiing; and (v) FAB offers to repurchase franchised kiosks using the Company’s common stock.
If you lost more than $100,000 investing in FAB stock or options and would like to discuss your legal rights, you can contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com or firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding FAB’s conduct to contact the firm, including whistleblowers, former employees, shareholders, and others.
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Richard W. Gonnello
Faruqi & Faruqi, LLP
369 Lexington Avenue 10th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.