Top-News
Donnerstag,
20.07.2023 12:05
von
PR Newswire
| Aufrufe: 91
DOYU Investors Have Opportunity to Lead DouYu International Holdings Limited Securities Fraud Lawsuit
Zwei Frauen beim Shopping (Symbolbild).
© filadendron / E+ / Getty Images
PR Newswire
LOS ANGELES, July 20, 2023
LOS ANGELES, July 20, 2023 /PRNewswire/ -- The Law Offices of Frank R. Cruz announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against DouYu International Holdings Limited ("DouYu" or the "Company") (NASDAQ: DOYU).
Class Period: April 30, 2021 – May 9, 2023
Lead Plaintiff Deadline: August 8, 2023
If you are a shareholder who suffered a loss, click here to participate.
On March 29, 2022, after market hours, The Wall Street Journal published an article detailing new regulations being drafted by Chinese authorities regarding the country's live-streaming industry, including plans to set a daily limit on how much money live-streamers can receive from fans, as well as tighter censorship over content, in an effort to "[exert] greater influence over the content consumed by its young people." On this news, DouYu's stock price fell $0.15, or 6.4%, to close at $2.21 per ADS on March 30, 2022, thereby injuring investors.
Then, on February 27, 2023, the Cyberspace Administration of China ("CAC") released a statement in which it included DouYu in a list of platforms having "harmful information such a spreading pornographic drainage, vulgarity, [and] violent abuse." The CAC claimed that "[in] order to solve the problem, [it would] continue to increase the crackdown on violations of laws and regulations, continue to do a good job in the work of 'sweeping pornographic and illegal activities' online, and effectively safeguard the people's online cultural rights and interests." On this news, DouYu's stock price fell $0.07, or 5.3%, to close at $1.25 per ADS on February 28, 2023.
Then, on May 8, 2023, after the markets closed, the CAC announced that "the State Internet Information Office instructed the Hubei Provincial Internet Information Office to send a working group to the DouYu platform to carry out a one-month centralized rectification supervision." The following morning, May 9, 2023, before the market opened, DouYu issued a press release stating that the "CAC has sent an inspection team to the Company due to certain alleged violations of content rules and regulations on its platform. The CAC team is expected to conduct a one-month on-site inspection of the Company's content platform, which DouYu will fully cooperate with. DouYu is also concurrently conducting a comprehensive internal review of its content monitoring system. As a platform committed to regulatory compliance and the safety of its user community, DouYu plans to implement all necessary remedial measures based on the CAC inspection and its own internal review. DouYu is expected to maintain its normal operations during this period of time." On this news, DouYu's stock price fell $0.098, or 9.3%, on May 9, 2023, thereby injuring investors further.
The complaint filed alleges that, throughout the Class Period, Defendants failed to disclose to investors that: (1) The Chinese government, due to concerns about issues such as video game and computer addiction, as well as content challenging its authority, could become increasingly aggressive towards DouYu regardless of how effective or sincere its attempts to comply with Chinese law were; (2) This increasingly aggressive posture subjected DouYu to a heightened risk of an investigation and subsequent government enforcement action and ultimately resulted in enforcement action; and (3) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View original content:https://www.prnewswire.com/news-releases/doyu-investors-have-opportunity-to-lead-douyu-international-holdings-limited-securities-fraud-lawsuit-301881669.html
SOURCE The Law Offices of Frank R. Cruz, Los Angeles
Werbung
Mehr Nachrichten zur DouYu International Holdings Ltd ADR Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE
(Mit der Bestellung akzeptierst du die Datenschutzhinweise)
(Mit der Bestellung akzeptierst du die Datenschutzhinweise)
-1
Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink.
Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte.
