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Cohen, Placitella & Roth, PC Investigating China Commercial Credit, Inc. for Selling Stock to Investors While Omitting to Disclose Material Financial Information in Offering Documents
|By PR Newswire
|August 7, 2014 06:03 PM EDT
PHILADELPHIA, Aug. 7, 2014 /PRNewswire/ -- Cohen, Placitella & Roth, PC is investigating potential claims on behalf of investors who purchased China Commercial Credit, Inc. ("CCCR" or "Company") (NASDAQ: CCCR) stock before July 25, 2014, or in the secondary offering through a prospectus dated May 8, 2014 ("Class Period"). The investigation concerns whether CCCR and certain of its officers and directors disseminated materially false and/or misleading information to investors in violation of Section 12(a)(2) of the Securities Act of 1933 and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, promulgated thereunder.
CCCR is a Delaware corporation, headquartered in Jiangsu Province of the People's Republic of China that purports to provide microfinance loans and loan guarantees to small-to-medium enterprises and individuals in Jiangsu Province.
A February 18, 2014 Forbes article, quoted CCCR's CEO as saying that "[highly risky loans] among microcredit companies [in China] are not widespread." On May 9, 2014, in a public offering through underwriters, Burnham Securities, Inc., Axiom Capital Management, Inc. and ViewTrade Securities, Inc., CCCR sold 1,650,386 of its shares at $3.99 per share, with net proceeds to it of $6.14 million. In the prospectus, dated May 8, 2014, CCCR represented that it estimates loss on its guarantee business to be about 1% of the contract amount.
On July 25, 2014, however CCCR issued a press release stating that (a) it had paid out $5.4 million in loan guarantees in Q1 2014, and had received only $0.7 million in cash and $2.1 million in one-year notes from the borrowers, and (b) it had paid out $3.7 million in guarantees in Q2 2014, of which it had only recovered $1.1 million, and converted $1.6 million of it to one-year notes. On this news, CCCR's stock price fell $1.20, or 32%, damaging investors.
If you wish to consider serving as lead plaintiff, please contact Eduardo A. Texidor, Jr., no later than October 6, 2014, at [email protected] or, toll free, at 1-888-375-7600. In particular, if you purchased from underwriters, Burnham Securities, Inc., Axiom Capital Management, Inc. or ViewTrade Securities, Inc. and suffered a loss you may have certain rights in addition to others who may have purchased shares in the open market. To perfect those rights, please contact Eduardo A. Texidor, Jr. For those investors inquiring via email, please be sure to include "CCCR" in the subject line, the number of shares purchased, and your mailing address and telephone number.
Since 1973, Cohen, Placitella & Roth, P.C. has been recognized as one of the premier trial law firms in the country. The firm has extensive experience in prosecuting securities litigation involving violations of the federal securities laws, state law derivative actions and mergers and acquisitions cases, representing institutional investors such as public pension plans and union pension funds as well as individual shareholders suffering substantial investment losses due to corporate misconduct. LexisNexis Martindale-Hubbell® annually reports Cohen, Placitella & Roth's peer rating-the highest AV® - "a testament to professional excellence." Since the inauguration of its "Best Law Firms" edition in 2010, U.S. News and World Report has annually listed Cohen, Placitella & Roth's as one of the top-tier class action law firms in the country.
Eduardo A. Texidor, Jr.
Cohen, Placitella & Roth, PC
Toll free: 1-888-375-7600
SOURCE Cohen, Placitella & Roth, P.C.
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