NEW YORK -- (Business Wire)

Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights; consumer rights; and enforcement of federal antitrust laws, is investigating potential wrongdoing at Subaye, Inc. (“Subaye” or the “Company”) (NASDAQ: SBAY). Faruqi & Faruqi, LLP is investigating whether Subaye and its auditors have violated federal securities laws by issuing false and misleading financial statements to the Company’s shareholders.

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On March 14, 2011, Subaye disclosed that the Company’s Chief Financial Officer, James T. Crane, had resigned from the Company. On April 7, 2011, Subaye further disclosed that its independent auditor, PricewaterhouseCoopers Hong Kong (“PwC”), had formally resigned on April 1, 2011. When PwC resigned, it raised serious questions with the Company regarding: (1) the fairness and reliability of the financial information Subaye previously provided to investors; and (2) the reliability of management’s representations to PwC. Among other concerns, PwC cited: (1) PwC’s inability to obtain information and/or supporting documentation to verify cash settlements from sales agents to the Company; (2) PwC’s inability to obtain information and/or supporting documentation to verify customer subscriptions; and (3) insufficient explanations by the Company regarding commonalities between certain customers and vendors. On the same day that Subaye disclosed PwC’s resignation, NASDAQ halted trading in Subaye’s stock.

Take Action

If you purchased Subaye (SBAY) securities any time before Subaye’s April 7, 2011, announcement and you would like to discuss your legal rights, visit www.faruqilaw.com/SBAY or contact us by calling or sending an e-mail to Anthony Vozzolo at Faruqi & Faruqi, LLP, toll free, at 877-247-4292 or 212-983-9330 or avozzolo@faruqilaw.com. Faruqi & Faruqi, LLP, also encourages anyone with information regarding Subaye’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.

About Faruqi & Faruqi, LLP

Faruqi & Faruqi, LLP is a national law firm, representing investors; consumers; and companies in the prosecution of claims under state and federal securities and antitrust laws; and consumer protection laws. The firm is focused on providing exemplary legal services in complex litigation. Founded in 1995, the firm maintains its principal office in New York City, with additional offices in Pennsylvania, Delaware, Florida and California. The lawyers at Faruqi & Faruqi, LLP have demonstrated a clear commitment to championing the rights of shareholders and consumers nationwide.

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Contacts:

Faruqi & Faruqi, LLP
Anthony Vozzolo, Esq.
369 Lexington Avenue, 10th Floor
New York, NY 10017
Telephone: (877) 247-4292 or (212) 983-9330
avozzolo@faruqilaw.com

Source: Faruqi & Faruqi, LLP