SUZHOU, China, Aug. 17, 2017 /PRNewswire/ -- China Commercial
Credit, Inc. (NasdaqCM: CCCR) ("CCCR" or the "Company"), a
microfinance company providing financial services to
small-to-medium enterprises ("SMEs"), farmers and individuals in
Jiangsu Province, today announced
that it has entered into a stipulation and agreement of Settlement
(the "Stipulation") to settle the securities class action
litigation captioned In re China Commercial Credit Inc.
Securities Litigation, Docket No. 1:15-cv-00557-ALC (S.D.N.Y.)
(the "Securities Class Action"), pending against it in the United
States District Court for the Southern District of New York (the "Court").
On June 1, 2017, following a final
fairness hearing on May 30, 2017
regarding the proposed settlement, the Court entered a final
judgment and order that: (i) dismisses with prejudice the claims
asserted in the Securities Class Action against all named
defendants in connection with the Securities Class Action,
including the Company, and releases any claims that were or could
have been asserted that arise from or relate to the facts alleged
in the Securities Class Action, such that every member of the
settlement class will be barred from asserting such claims in the
future; and (ii) approves the payment of $220,000 in cash and the issuance of 950,000
shares of its common stock (the "Settlement Shares") to members of
the settlement class. The Settlement Shares are exempt from
registration under Section 3(a)(10) of the Securities Act of 1933,
as amended. On July 28, 2017, the
Court entered a clarifying order to specify the allocation of
attorneys' fees in accordance with the Stipulation.
The settlement does not constitute any admission of fault or
wrongdoing by the Company or any of the individual defendants.
About China Commercial Credit
China Commercial Credit, founded in 2008, provides business
loans and loan guarantee services to small-to-medium enterprises
("SMEs"), farmers and individuals in China's Jiangsu
Province. Due to recent legislation and banking reform in
China, these SMEs, farmers and
individuals -- which historically had been excluded from borrowing
funds from State-owned and commercial banks -- are now able to
borrow money at competitive rates from microfinance lenders. For
more information, please visit
http://www.chinacommercialcredit.com.
Forward-Looking Statements
Certain statements made herein are "forward-looking statements"
within the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"anticipate", "believe", "expect", "estimate", "plan", "outlook",
and "project" and other similar expressions that predict or
indicate future events or trends or that are not statements of
historical matters. Such forward-looking statements include timing
of the proposed transaction; the business plans, objectives,
expectations and intentions of the parties once the transaction is
complete, and CCCR's estimated and future results of operations,
business strategies, competitive position, industry environment and
potential growth opportunities. These forward-looking statements
reflect the current analysis of existing information and are
subject to various risks and uncertainties. As a result, caution
must be exercised in relying on forward-looking statements. Due to
known and unknown risks, our actual results may differ materially
from our expectations or projections. All forward-looking
statements attributable to the Company or persons acting on its
behalf are expressly qualified in their entirety by these factors.
All information provided in this press release is as of the date
hereof. Other than as required under the securities laws, the
Company does not assume a duty to update these forward-looking
statements.
The following factors, among others, could cause actual results
to differ materially from those described in these forward-looking
statements: the outcome of any legal proceedings that have been, or
will be, instituted against CCCR or other parties to the Share
Exchange Agreement following the announcement of the Share Exchange
Agreement and transactions contemplated therein; the ability of
CCCR to meet NASDAQ listing standards following the transaction and
in connection with the consummation thereof; the inability to
complete the transactions contemplated by the Share Exchange
Agreement due to the failure to obtain approval of the stockholders
of CCCR or other closing conditions to; risks that the proposed
transaction disrupts current plans and operations and the potential
difficulties in employee retention as a result of the announcement
of the Share Exchange Agreement and consummation of the
transaction described therein; costs related to the proposed
acquisition; changes in applicable laws or regulations; the ability
of the combined company to meet its financial and strategic goals,
due to, among other things, competition, the ability of the
combined company to grow and manage growth profitability, maintain
relationships with customers and retain its key employees; the
possibility that the combined company may be adversely affected by
other economic, business, and/or competitive factors; and other
risks and uncertainties described herein, as well as those risks
and uncertainties discussed from time to time in other reports and
other public filings with the Securities and Exchange Commission
(the "SEC") by CCCR.
Additional information concerning these and other factors that
may impact our expectations and projections can be found in our
periodic filings with the SEC, including our Annual Report on Form
10-K for the fiscal year ended December 31,
2016. CCCR's SEC filings are available publicly on the SEC's
website at www.sec.gov. CCCR disclaims any obligation to update the
forward-looking statements, whether as a result of new information,
future events or otherwise.
For more information, please contact:
Mr. Long Yi, Chief Financial
Officer and Director
China Commercial Credit, Inc.
Tel: +86 13584802352
Email: 13584802352@139.com
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SOURCE China Commercial Credit Inc.