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WILMINGTON, Del., Sept. 05, 2017 -- Rigrodsky & Long, P.A.:
Rigrodsky & Long, P.A. announces that a class action complaint has been filed in the Court of Chancery of the State of Delaware on behalf of holders of China Commercial Credit, Inc. (“China Commercial Credit” or the “Company”) (NASDAQ:CCCR) common stock in connection with the proposed acquisition of Sorghum Investment Holdings Limited (“Sorghum”) by China Commercial Credit announced on August 9, 2017 (the “Complaint”).
If you wish to discuss this matter or have any questions concerning your rights or interests, please contact Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803, by telephone at (888) 969-4242, by e-mail at [email protected], or at http://rigrodskylong.com/contact-us/.
On August 9, 2017, China Commercial Credit entered into a Share Exchange Agreement (the “Agreement”) with Sorghum. Pursuant to the Agreement, the Company has agreed to acquire all of the issued and outstanding equity interests of Sorghum in exchange for 152,586,795 shares of the Company's common stock (the "Acquisition"). Upon completion of the Acquisition, the Company will own 100% of Sorghum and its existing shareholders will retain an ownership interest of approximately 12% of the Company and the selling Sorghum equity holders will own approximately 88% of the Company.
Among other things, the Complaint alleges that, in an attempt to secure shareholder support for the Acquisition, defendants issued materially incomplete disclosures in a proxy statement (the “Proxy Statement”) filed with the United States Securities and Exchange Commission on August 14, 2017. The Complaint alleges that the Proxy Statement, which recommends that China Commercial Credit stockholders vote in favor of the Acquisition, omits material information necessary to enable shareholders to make an informed decision as to how to vote on the Acquisition. The Complaint seeks injunctive and equitable relief and damages on behalf of holders of China Commercial Credit common stock.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities fraud, shareholder corporate, and shareholder derivative litigation on behalf of shareholders in state and federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar outcome.
CONTACT: Rigrodsky & Long, P.A. Seth D. Rigrodsky Gina M. Serra (888) 969-4242 (302) 295-5310 Fax: (302) 654-7530 [email protected] http://www.rigrodskylong.com
