BENSALEM, Pa., Jan. 10, 2014 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith announces that investors of FAB Universal Corporation ("FAB" or the "Company") (NYSE MKT:FU) have until January 17, 2014, to move the Court to serve as lead plaintiff in the securities fraud class action lawsuit filed in the United States District Court for the Southern District of New York on behalf of a class (the "Class") comprising all purchasers of the common stock, call options and sellers of put options of FAB between June 15, 2012 and November 18, 2013, inclusive (the "Class Period").
FAB engages in the distribution of digital entertainment products and services worldwide. The Complaint alleges that throughout the Class Period the defendants made false and/or misleading statements and failed to disclose material adverse facts about the Company's business, operations and financial performance. Specifically, the defendants misrepresented or failed to disclose that:
- The Company overstated the number of Intelligent Media Kiosks deployed in China.
- The Company's Kiosks were inundated with pirated digital media entertainment.
- A Company subsidiary issued RMB 100 million ($16.4 million) in bonds to Chinese investors.
If you are a member of the Class described above, you have certain rights and have until January 17, 2014, to move for lead plaintiff status. To be a member of the Class you need not take any action at this time or may retain counsel of your choice. If you wish to learn more concerning your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.