NEW YORK, Aug. 27, 2014 (GLOBE NEWSWIRE) -- The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the USDC for the District of New Jersey on behalf of investors who purchased China Commercial Credit, Inc. ("China Commercial" or the "Company") (Nasdaq:CCCR) common stock between November 14, 2013 and July 25, 2014.
Click here to learn about the case: http://docs.wongesq.com/CCCR-Info-Request-Form-352. There is no cost or obligation to you.
The complaint alleges that China Commercial misled investors regarding its involvement in risky loans and loan guarantee obligations. In a February 18, 2014 Forbes article, China Commercial's Chief Executive Officer was quoted as saying that "[highly risky loans] among microcredit companies in [China] are not widespread." Then on May 9, 2014, during a public offering, the Company sold 1,650,386 shares at $3.99 per share. In the prospectus China Commercial represented that it estimated its loss on its guarantee business to be about 1% of the contract amount. Then on July 25, 2014, China Commercial issued a press release stating that it had paid out $5.4 million in loan guarantees in Q1 2014 and $2.1 million in one-year notes from the borrowers; the Company also noted that it had paid out $3.7 million in guarantees in Q2 2014.
If you suffered a loss in China Commercial you have until October 6, 2014 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Vincent Wong, Esq. either via email email@example.com, by telephone at 212.425.1140, or visit http://docs.wongesq.com/CCCR-Info-Request-Form-352.
Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Vincent Wong, Esq. 39 East Broadway Suite 304 New York, NY 10002 Tel. 212.425.1140 Fax. 866.699.3880 E-Mail: firstname.lastname@example.orgSource:The Law Offices of Vincent Wong