RCT FILES $200 MILLION CLAIM AGAINST CHINACAST EDUCATION CORPORATION’S FORMER OFFICERS AND DIRECTORS
On August 25, 2014, RCT filed claims seeking over $200 million in the Court of Chancery of the State of Delaware against five of ChinaCast’s former officers and directors on behalf of the Company for breaches of their fiduciary duties. As alleged in the lawsuit, ChinaCast’s former officers and directors breached their fiduciary duties by, among other things, looting millions in cash and assets from the Company and its subsidiaries over the course of several years.
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