XFML Xinhua Finance Media Limited ADS (MM)

NEW YORK, July 9 /PRNewswire/ -- Zwerling, Schachter & Zwerling, LLP ("Zwerling Schachter") has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of all persons and entities who purchased American Depository Shares ("ADSs") of Xinhua Finance Media Ltd. ("Xinhua Finance" or the "Company") (NASDAQ:XFML) pursuant and/or traceable to the Company's Registration Statement and Prospectus issued in connection with the initial public offering of Xinhua Finance ADSs (the "IPO") between March 8, 2007 and May 21, 2007 inclusive (the "Class Period'). The deadline to file a motion seeking to be appointed lead plaintiff is July 23, 2007. If you wish to discuss this securities class action or have any questions concerning your rights and interests with respect to this matter, please contact Zwerling Schachter (David R. Kromm, Esq. or Jayne Nykolyn) at 1-800-721-3900 or by e-mail at or . The complaint alleges that defendants violated Sections 11, 12(a) and 15 of the Securities Act of 1933. The Company's Registration Statement and Prospectus issued in connection with the IPO failed to disclose that prior to the IPO, Defendant Shelly Singhal, the Chief Financial Officer of the Company, was an investment banker and stockbroker, who ran a brokerage firm, Bedrock Securities, that was subject to a cease-and-desist order from the National Association of Securities Dealers during 2006 and an investigation that remains pending. On disclosure of this news, the Company's shares fell from $9.94 a share to close at $8.76 a share on May 21, 2007. On May 22, 2007, Xinhua Finance shares fell further to close at $7.10 a share. If you purchased or otherwise acquired Xinhua Finance ADSs on the offering or during the Class Period, you may apply to serve as lead plaintiff. The lead plaintiff is responsible for overseeing the prosecution of the action and ensuring that the interests of the class are protected. You may apply to be appointed lead plaintiff through Zwerling Schachter. Zwerling Schachter concentrates in prosecuting class actions nationwide on behalf of investors. The firm currently plays a leading role in numerous major securities and complex commercial litigations pending in federal and state courts and has offices in New York City, Garden City, New York, Boca Raton, Florida and Seattle, Washington. The firm has been recognized by courts throughout the country as highly experienced and skilled in complex litigation, particularly with respect to federal securities class action litigation. Visit our website at: http://www.zsz.com/ DATASOURCE: Zwerling, Schachter & Zwerling, LLP CONTACT: David R. Kromm, Esq., , or Jayne Nykolyn, , both of Zwerling Schachter, +1-800-721-3900 Web site: http://www.zsz.com/

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