NEW YORK, June 1 /PRNewswire-Asia-FirstCall/ -- China
INSOnline Corp. (Nasdaq: CHIO), which operates http://www.soobao.cn
, one of China's leading insurance
services web portals, today declares its intention to aggressively
combat naked short selling of the Company's common stock and
protect its shareholder's interests. This is expected to improve
stability in the value of its stock and improve long-term investor
confidence in the market.
Today the company's suspicions were confirmed when NASDAQ OMX
published the results on the short list under the regulation SHO
Threshold Security List.
http://www.nasdaqtrader.com/Trader.aspx?id=RegSHOThreshold
The company has discussed with securities council regarding the
pursuit of civil action aggressively against the market
participants engaged in the naked short selling in question for
stock manipulation. In addition the company has notified NASD and
NASDAQ OMX about the situation. The Company plans to diligently
file complaints with the regulatory authorities to accelerate the
enforcement of the potential market participants' illegal actions.
The result of such actions causes untold financial damage to both
the company and shareholders alike.
About China INSOnline Corp.
China INSOnline Corp., incorporated in Delaware and headquartered in Beijing, is a licensed insurance agency in
The People's Republic of China.
Representing major insurance underwriting firms in China, the Company offers online automobile,
property and life insurance services through its industry web
portal, http://www.soobao.cn . The Company's online platform also
provides consumers, agents and insurance companies with online
transaction capabilities, advertising, online inquiry, news
circulation, statistical analysis and software development
services. For more information, please visit
http://www.china-insonline.com .
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995:
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on current expectations
or beliefs, including, but not limited to, statements concerning
the Company's operations, financial performance and condition. For
this purpose, statements that are not statements of historical fact
may be deemed to be forward-looking statements. The Company
cautions that these statements by their nature involve risks and
uncertainties, and actual results may differ materially depending
on a variety of important factors, including, but not limited to,
the impact of competitive products, pricing and new technology;
changes in consumer preferences and tastes; and effectiveness of
marketing; changes in laws and regulations; fluctuations in costs
of production, and other factors as those discussed in the
Company's reports filed with the Securities and Exchange Commission
from time to time. In addition, the Company disclaims any
obligation to update any forward-looking statements to reflect
events or circumstances after the date hereof.
For more information, please contact:
IR Department
Tel: +1-212-945-7558
Email: ir@soobao.cn
Web: http://www.china-insonline.com
SOURCE China INSOnline Corp.