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Published in House and Home on Friday, January 21st 2011 at 7:55 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
DALLAS--([ BUSINESS WIRE ])--[ The Briscoe Law Firm, PLLC ], founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the law firm of [ Powers Taylor LLP ] are investigating potential legal claims against the officers and Board of Directors of Tongxin International, Ltd. (aTongxina or aTXICa) (NASDAQ: TXIC) during the period of May 15, 2009 through December 14, 2010 (the aclass perioda).
It has been alleged in a recently-filed complaint that during the class period, Tongxin and certain of its officers and directors made materially false and misleading statements related to the company's business and operations in violation of the Securities Exchange Act of 1934. Specifically, defendants allegedly improperly accounted for Tongxina™s related-party transactions. As a result of these false statements, it has been claimed that Tongxina™s stock traded at artificially inflated prices during the class period, reaching a high of $11.39 per share on October 14, 2009. Starting from June 30, 2010, Tongxin slowly began to disclose problems previously hidden from the public, including their failure to timely file with the SEC its required audited consolidated financial statements, the delisting of Tongxina™s stock on NASDAQ, Tongxina™s lowered expected revenues for fiscal year 2010, removal of key executives, and the announcement of the companya™s legal proceedings against its former Chief Executive Officer and Chief Financial Officer for embezzlement. In reaction to this news, shares of Tongxin common stock fell from prices trading as high as $6.16 per share to as low as $1.35 per share, representing a drop of more than 75%.
If you currently own or purchased Tongxin/TXIC shares and would like additional information regarding this investigation or if you have information regarding the allegations against the company, please contact Patrick Powers at Powers Taylor LLP, toll free (877) 728-9607, via e-mail at [ patrick@powerstaylor.com ] or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at [ WBriscoe@TheBriscoeLawFirm.com ]. There is no cost or fee to you.
The Briscoe Law Firm is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
