Amber Education slump 16.7% US investors sue for fraud

Media reports that Amber was sued by investors in Thursday, the closing price plunged 16.67% to 1.3 U.S. dollars, trading volume than the monthly 140,000 soared to 390,000. In Thursday, Byron Brown and other investors are suing Amber, according to Bloomberg, who believes the 2008 Amber Acquisition Sha School (Changsha Study School) is simply a payment to buy the latter's name and revenue data to prepare the IPO for the former. "The acquisition of Cash money was later reversed to Amber in the form of some kind of false software revenue," the prosecution said in a well-known Chinese media report. Previous media reports said that the 2008 Amber acquisition long Sha only the school total ￥ 52.282 million yuan, the acquisition of "half cash, half of the stock" model to achieve, of which the cash for ￥ 25 million yuan, plus the equivalent of ￥ 27.282 million yuan to be listed in the stock, equivalent to 1, 400,560 common stock.