NEW YORK, July 01, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in ChinaCache International Holdings Ltd. (“ChinaCache” or the “Company”) (NASDAQ:CCIH) of the August 12, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in ChinaCache stock or options between April 10, 2015 and May 17, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/CCIH. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased ChinaCache securities between April 10, 2015 and May 17, 2019 (the “Class Period”). The case, Sun v. ChinaCache International Holdings Ltd. et al., No. 19-cv-05485 was filed on June 12, 2019, and has been assigned to Judge Edgardo Ramos
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) ChinaCache and former Chief Executive Officer (“CEO”) Song Wang were engaged in enterprise bribery; (2) the foregoing conduct placed ChinaCache and Wang at a heightened risk of criminal investigation and enforcement action by government authorities, which would foreseeably disrupt the Company’s operations; and (3) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Specifically, on May 17, 2019, ChinaCache announced that the Company and Wang were under criminal investigation by a government prosecutor office in Beijing for charges of enterprise bribery, and that Wang had resigned as CEO.
On this news, the Company's stock price fell from $1.10 per share on May 16, 2019 to $0.88 per share on May 17, 2019: a $0.22 or 20.00% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding ChinaCache’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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