The Rosen Law Firm Representing Investors in
Securities Class Action Charging Subaye, Inc.
With Securities Fraud-- SBAY
April 15, 2011 07:06 PM Eastern Daylight Time
NEW YORK--(EON: Enhanced Online News)--The Rosen Law Firm, P.A. today announced that it has filed a
class action lawsuit on behalf of investors who purchased the securities of Subaye, Inc. (NYSE: SBAY) during the
period from December 29, 2009 to April 7, 2011 (the “Class Period”), and is seeking to recover investors’
damages from violations of federal securities laws.
To join the Subaye class action, visit the Rosen Law Firm’s website at http://www.rosenlegal.com, or call Laurence
Rosen, Esq. or Phillip Kim, Esq., toll-free, at 866-767-3653; you may also email email@example.com or
firstname.lastname@example.org for information on the class action. The case is pending in the United States District Court for
the Southern District of New York.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED,
YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO
DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
The Complaint asserts violations of the federal securities laws against Subaye and its officers and directors for issuing
materially false and misleading financial statements to investors. On April 7, 2011 the Company disclosed its auditor,
PricewaterhouseCoopers Hong Kong (“PwC”) resigned. PwC identified matters that may materially impact the
fairness and reliability of Subaye’s quarterly financial information for the three months ended December 31, 2010
and may cause PwC to be unwilling to rely on managements’ representations.
PwC’s was unable to obtain information and supporting documentation to verify: (a) cash settlements from sales
agents to Subaye, (b) the end customer subscriptions for the Company’s services and the services rendered to the
end customers, (c) marketing and promotion activities performed by sales agents in return for fees paid to such
agents and recorded as expenses of the Company. PwC also stated that Subaye provided insufficient explanations
regarding commonalities between certain customers and vendors. Lastly, PwC could find no evidence of any
business tax payments by the Company for services rendered in China.
Since April 7, 2011 trading in the Company’s stock has been halted, rendering the Company’s stock illiquid and
causing investors further damage.
If you wish to serve as lead plaintiff, you must move the Court no later than June 14, 2011. A lead plaintiff is a
representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation,
or to discuss your rights or interests regarding this class action, please contact Laurence Rosen, Esq. or Phillip Kim,
Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at email@example.com or
firstname.lastname@example.org. You may also visit the firm’s website at http://www.rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions
and shareholder derivative litigation.
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm P.A.
275 Madison Avenue, 34th Floor
New York, New York 10016
Tel: (212) 686-1060
Weekends Tel: (917) 797-4425
Toll Free: 1-866--767-3653
Fax: (212) 202-3827