Ostin Technology CFO Named in $950 Million Pump-and-Dump Class Action Lawsuit

Qiaoyun Xie, the Chief Financial Officer of Ostin Technology Group Co., Ltd. (OST), has been named as a defendant in a significant securities class action lawsuit. Filed by Levi & Korsinsky, LLP in the Southern District of New York, the lawsuit alleges Xie's involvement in a massive $950 million "pump-and-dump" scheme. The allegations center on the CFO's oversight of the company's financials during the period of the purported market manipulation. Investors claim that the alleged financial misconduct and failure to prevent the scheme resulted in substantial losses for shareholders. This legal action is expected to place significant downward pressure on OST shares as corporate credibility and governance come under intense scrutiny. Market participants are closely monitoring the case, which highlights the mounting legal risks facing the company's leadership.