CHRISTIANSTED, St. Croix, Sept. 18, 2017 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that the United States District Court for the District of the Virgin Islands has approved the following announcement of a proposed class action that would benefit purchasers of common stock of Qiao Xing Universal Resources, Inc. (OTCMKTS:XINGF):
SUMMARY NOTICE OF PENDENCY OF CLASS ACTION
To: All persons or entities that purchased or otherwise acquired the publicly traded common stock of Qiao Xing Universal Resources, Inc. (“Xing” or the “Company”) from May 26, 2010 to April 16, 2012, inclusive, and did not sell such securities prior to April 16, 2012.
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the District of the Virgin Islands, that the following Class has been certified in the above-captioned action (the “Action”):
All persons or entities that purchased or otherwise acquired the publicly traded common stock of Qiao Xing Universal Resources, Inc. (“Xing” or the “Company”) from May 26, 2010 to April 16, 2012, inclusive, and did not sell such securities prior to April 16, 2012.
Excluded from the Class are Defendants, the present and former officers and directors of Xing and any subsidiary thereof, members of their immediate families and their legal representatives, heirs, successors or assigns and any entity in which Defendants have or had a controlling interest.
IF YOU ARE A MEMBER OF THE CLASS, YOUR RIGHTS WILL BE AFFECTED BY THIS ACTION. A full printed Notice of Pendency of Class Action is currently being mailed to known Class Members. If you have not yet received a full printed Notice, you may obtain copies of this document by downloading it from www.strategicclaims.net or by contacting the Notice Administrator:
Qiao Xing Universal Resources, Inc. Securities Litigation
c/o Strategic Claims Services
P.O. Box 230
600 North Jackson Street, Suite 3
Media, PA 19063
If you did not receive the Notice by mail, and you are and decide to remain a member of the Class, please send your name and address to the Notice Administrator so that if any further notices are disseminated in connection with the Action, you will receive them. Inquiries, other than requests for the Notice, may be made to Class Counsel:
Laurence Rosen, Esq.
THE ROSEN LAW FIRM, P.A.
275 Madison Avenue, 34th Floor
New York, NY 10016
Tel: (212) 686-1060
If you are a Class Member, you have the right to decide whether to remain a member of the Class. If you choose to remain a member of the Class, you do not need to do anything at this time other than to retain your documentation reflecting your transactions in Xing common stock during the period from May 26, 2010 to April 16, 2012, inclusive. You will automatically be included in the Class. If you do not wish to remain a member of the Class, you must exclude yourself from the Class. If you are a Class Member and do not exclude yourself from the Class, you will be bound by the proceedings in the Action, including all past, present and future orders and judgments of the Court, whether favorable or unfavorable.
If you ask to be excluded from the Class, you will not be bound by any order or judgment in the Action, and you will not be eligible to receive a share of any money which might be recovered for the benefit of the Class. To exclude yourself from the Class, you must submit a written request for exclusion postmarked no later than November 7, 2017, in accordance with the instructions set forth in the full printed Notice to the Notice Administrator. Pursuant to Rule 23(e)(4) of the Federal Rules of Civil Procedure, it is within the Court’s discretion whether to allow a second opportunity to request exclusion from the Class if there is a settlement or judgment in the Action.
Please Do Not Call The Court with Questions
Dated: August 7, 2017
BY ORDER OF THE COURT
United States District Court
For the District of the Virgin Islands