BEIJING, Aug. 22, 2016 /PRNewswire/ -- China
Finance Online Co. Limited ("China Finance Online", or the
"Company", "we", "us" or "our") (NASDAQ GS: JRJC), a leading
web-based financial services company that provides Chinese retail
investors with online access to securities and commodities trading,
wealth management products, investment advisory services, as well
as financial database and analytics services to institutional
customers, today announced that it has entered into a Stipulation
of Settlement with lead plaintiffs in the class action lawsuit
against the Company filed in June
2015.
The securities class action lawsuit was filed in the United
States District Court for the Central District of California and later transferred to the United
States District Court for the Southern District of New York (Wang v. China Finance Online,
Case no. 1:15-CV-07894-RMB) against the Company and alleges that
the Company's public filings with the Securities and Exchange
Commission included materially false statements and/or omitted
material facts that the Company's transactions with a Chinese
entity were related party transactions, which inflated the price of
the Company's securities during the period from April 29, 2013 and June 3,
2015. The Company entered into the Stipulation of Settlement
without any admission of wrongdoing and provided for a settlement
fund of $3 million.
The Stipulation of Settlement remains subject to court approval
and certain other conditions including notice to the class members
and administration of the settlement.
About China Finance Online
China Finance Online Co. Limited is a leading web-based
financial services company that provides Chinese retail investors
with online access to securities and commodities trading services,
wealth management products, securities investment advisory
services, as well as financial database and analytics services to
institutional customers. The Company's prominent flagship portal
site, www.jrj.com, is ranked among the top financial websites in
China. In addition to the
web-based securities trading platform, the Company offers basic
financial software, information services and securities investment
advisory services to retail investors in China. Through its subsidiary, Shenzhen Genius
Information Technology Co. Ltd., the Company provides financial
database and analytics to institutional customers including
domestic financial, research, academic and regulatory institutions.
China Finance Online also provides brokerage services in
Hong Kong.
For further information, please contact:
Yilin Li
Investor Relations
China Finance Online Co. Limited
Tel: (+86-10) 83363100
Email: ir@jrj.com
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SOURCE China Finance Online Co., Ltd.