Welcome!

News Feed Item

Cohen, Placitella & Roth, PC Investigating China Commercial Credit, Inc. for Selling Stock to Investors While Omitting to Disclose Material Financial Information in Offering Documents

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.

Contact:
Eduardo A. Texidor, Jr.
Cohen, Placitella & Roth, PC
Toll free: 1-888-375-7600
[email protected]
www.cprlaw.com

SOURCE Cohen, Placitella & Roth, P.C.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Enterprises have forever faced challenges surrounding the sharing of their intellectual property. Emerging cloud adoption has made it more compelling for enterprises to digitize their content, making them available over a wide variety of devices across the Internet. In his session at 19th Cloud Expo, Santosh Ahuja, Director of Architecture at Impiger Technologies, will introduce various mechanisms provided by cloud service providers today to manage and share digital content in a secure manner....
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...