JRJC INVESTORS: Glancy Prongay & Murray LLP Announces The Filing Of A Securities Class Action On Behalf Of China Finance Online, Co. Investors

LOS ANGELES--(BUSINESS WIRE)--

Glancy Prongay & Murray announces that a class action has been filed on behalf of investors of China Finance Online, Co. ("China Finance" or the "Company") JRJC who purchased shares of China Finance between May 6, 2014 through June 3, 2015, inclusive (the "Class Period"), and have been damaged by the recent declines in the Company's stock price. China Finance investors must file a motion by August 4, 2015 for consideration as a class representative in this purported class action.

The lawsuit concerns the Company's and its executives' alleged violations of the securities laws, based on recent reports alleging that: (1) the most current Chinese government records show that China Finance Chairman and CEO Zhiwei Zhao suddenly resigned from his positions at three key Chinese VIE subsidiaries of China Finance over the past few months; (2) Chinese media reports exposing the detention of the Company's independent director Rongquan Leng prompted China Finance to announce his resignation, without addressing his alleged detention; and (3) Ling Wang, a former long-time China Finance director and associate of Zhao, fled China in 2014, leaving his company indebted to China Finance for $25 million.

The complaint alleges that when the truth was finally revealed regarding the above Company matters, shares of China Finance fell $1.28 per share, to close on June 3, 2015 at $5.67, a one-day decline of 22% on volume of over 3 million shares thereby damaging investors.

If you purchased shares of China Finance during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, of Glancy Prongay & Murray LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150713005972/en/