SAN DIEGO & BEIJING–(BUSINESS WIRE)–$CCIH #ClassAction–Shareholder rights law firm Robbins
Arroyo LLP announces that a purchaser of ChinaCache International
Holdings Ltd. (NASDAQ: CCIH) filed a class action complaint for alleged
violations of the Securities Exchange Act of 1934 between April 10, 2015
and May 17, 2019. ChinaCache is an investment holding company that
provides content and application delivery services in the People’s
Republic of China.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/chinacache-international-holdings-ltd/
ChinaCache Trading Halted Amidst Criminal Investigation for Bribery
According to the complaint, on April 29, 2019, ChinaCache disclosed that
it would delay filing its annual report for the 2018 fiscal year. On May
17, 2019, ChinaCache announced that the company and CEO and Chairman
Song Wang were under criminal investigation by a government prosecutor
office in Beijing for charges of enterprise bribery. On this news,
ChinaCache’s ADR price fell over 20% to $0.88 per share on May 17, 2019,
before NASDAQ halted its trading. The same day, Wang resigned as CEO and
Chairman. On May 23, 2019, ChinaCache announced that it received a
NASDAQ Notification Letter. The NASDAQ Letter probed ChinaCache
regarding the resignation of its auditor, Grant Thornton China,
ChinaCache’s engagement of its new independent auditor, and the
allegations of enterprise bribery by ChinaCache and Wang. Trading in
ChinaCache ADRs on the NASDAQ remains halted as of June 17, 2019.
If you purchased ChinaCache securities during the class period,
you have until August 12, 2019, to ask the court to be appointed lead
plaintiff for the class.
Concerned shareholders who would like more information about their
rights and potential remedies can contact attorney Leo Kandinov at (800)
350-6003, [email protected]
or via the shareholder
information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional investors
in shareholder derivative and securities class action lawsuits, and has
helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.