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fabuniversal.com

Founded Year

1995

Stage

Reverse Merger | IPO

Total Raised

$11.78M

About FAB Universal

FAB Universal (NYSE MKT:FU), formerly Wizzard Media, provides podcast publishers with distribution and monetization services. Clients use FAB Universal products to measure podcast audience, deliver popular audio and video entertainment and monetize their content through advertising and App sales and subscriptions.<br /><br />The company rebranded from Wizzard Software to FAB Universal after its acquisition of Digital Entertainment International, dba FAB, in September 2012.

FAB Universal Headquarters Location

5001 Baum Blvd Suite 770

Pittsburgh, Pennsylvania, 15213,

United States

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Latest FAB Universal News

After two years of litigation, Fab Universal looking to settle shareholder claims

Sep 2, 2015

After two years of litigation, Fab Universal looking to settle shareholder claims Sep 2, 2015, 1:20pm EDT Industries & Tags Justine Coyne ReporterPittsburgh Business Times Home of the Day Sebastian Duda/iStock photo A hearing has been scheduled for Oct. 14 in the U.S. District Court for the Southern… more Fab Universal Corp. could soon put to rest two years of shareholder litigation brought against the company. A hearing has been scheduled for Oct. 14 in the U.S. District Court for the Southern District of New York to determine whether a proposed settlement reached by the company and its shareholders is reasonable. The court has preliminarily approved the settlement, which includes stricter oversight of Fab's business as well as financial compensation to cover attorney fees. The shareholder derivative litigation stems from a Nov. 8, 2013, securities class action brought against Fab by a stockholder seeking to represent a class of purchasers of the company's stock. The suit alleges the company made materially false and misleading statements in press releases and U.S. Securities and Exchange Commission filings regarding the true circumstances of its kiosk business in China and failed to disclose that one of its Chinese subsidiaries had issued $16.4 million worth of bonds to Chinese investors in April 2013. Fab's troubles began in November 2013 as a result of allegations contained in various short-seller publications. That December, the company acknowledged it failed to disclose the $16.4 million Chinese bond issuance and said it also discovered "certain deficiencies" with its accounting procedures and would be hiring an independent third party to investigate. In March, the company announced it had retained FTI Consulting Inc. and FTI Investigations LLC to conduct an independent outside investigation, which was completed in August 2014. In a February filing with the SEC, the company disclosed its chairman chairman Zhang Hongcheng had been detained in Beijing, and its business in China appeared to be abandoned. Fab, a digital media firm, was created in a 2012 Chinese reverse merger of Pittsburgh-based Wizzard Software with Hong Kong-based Digital Entertainment International. A representative of the company declined to comment. According to the settlement, Fab has "vigorously denied, and continue(s) vigorously to deny, all allegations of wrongdoing, fault, liability or cognizable damage to the company. " "Defendants are entering into this settlement solely because they consider it desirable that the Derivative Action be settled and dismissed with prejudice in order to, among other things, eliminate the burden, inconvenience, expense, uncertainty and distraction of further litigation; and finally put to rest all claims that were or could have been asserted against Defendants in the Derivative Action," the settlement states. In connection with the settlement, Fab has agreed to implement a program of corporate-governance reforms, however only certain changes may be warranted based on the future size of the company. As a result Zhang'a detention and the abandonment of its operations in China, the company is in the process of divesting itself of its operations in China and will deconsolidate its financial statements. Because of these actions the company will be "significantly smaller, in terms of virtually all of the standard metrics, than it was when it had Chinese operations," according to the settlement. Proposed corporate governance reforms include: the creation of a Disclosure Committee, consisting of at least two members of management and one current member of the board of directors, and collectively including at least once person with experience in matters concerning compliance with SEC regulations regarding disclosure to shareholders; amending the company's corporate governance guidelines so no person may serve as chairperson of the board who has within the previous five years served as CEO or president of the company (the provision does not apply to the current CEO); the creation of the position of compliance officer, who will report directly to the audit committee of the board of directors and be responsible for the oversight of the administration of the company's corporate governance policies, among other stipulations. A total of $250,000 for plaintiffs' attorney's fees and expenses is also included in the settlement. Get Pittsburgh Newsletters and Alerts Morning Edition >> Afternoon Edition >> Breaking News Thank you for signing up To serve you better, please select your industry and job title Industry

  • When was FAB Universal founded?

    FAB Universal was founded in 1995.

  • Where is FAB Universal's headquarters?

    FAB Universal's headquarters is located at 5001 Baum Blvd, Pittsburgh.

  • What is FAB Universal's latest funding round?

    FAB Universal's latest funding round is Reverse Merger.

  • How much did FAB Universal raise?

    FAB Universal raised a total of $11.78M.

  • Who are the investors of FAB Universal?

    Investors of FAB Universal include Digital Entertainment International, Stonestreet, Genesis Microcap, Enable Capital Management, Alpha Capital Partners and 3 more.

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