Tongxin TXIC Stockholders File Securities Fraud Class Action Lawsuit Complaint Against Tongxin Over Alleged Misleading Statements Relating To Accounting For Related-Party Transactions.
A securities fraud class action lawsuit has been filed against Tongxin International Ltd. (“Tongxin International” or “Tongxin”), and Tongxin’s directors and officers (collectively “Defendants”) in the United States District Court for the Central District of California on behalf of a class consisting of purchasers of Tongxin’s (symbol: TXIC) securities between May 15, 2009 and December 14, 2010, inclusive (the “Class Period”), alleging that Tongxin and its officers and directors violated federal securities fraud laws, including the Securities Exchange Act of 1934, by failing to disclose, among other things, that Tongxin allegedly improperly accounted for its related-party transactions such that its financial statements were presented in violation of Generally Accepted Accounting Principles (“GAAP”) and defendants allegedly failed to maintain proper internal controls related to Tongxin’s engaging in and accounting for its related-party transactions, according to Tongxin securities fraud class action lawsuit news reports.
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