YOKU INVESTOR ALERT: Law Offices of Howard G. Smith Reminds Investors of the Lead Plaintiff Deadline in the Class Action Laws...
27 Abril 2015 - 11:30AM
Business Wire
Law Offices of Howard G. Smith reminds investors of Youku Tudou,
Inc. (“Youku” or the “Company”) (NYSE: YOKU) who purchased the
Company’s securities between February 27, 2014 and March 19, 2015,
inclusive (the “Class Period”), of the May 25, 2015 deadline to
file a motion to be appointed as lead plaintiff in the shareholder
lawsuit filed in the United States District Court for the Southern
District of New York.
If you wish to learn more about this action, please contact
Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070
Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone
at (215) 638-4847, toll-free at (888) 638-4847, or by email to
howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com. If you are a member of the Class
described above, you may move the Court no later than May 25, 2015,
to serve as lead plaintiff, if you meet certain legal requirements.
To be a member of the Class, 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.
The Complaint alleges that throughout the Class Period,
Defendants misled investors by improperly recognizing revenue on
certain transactions, the Company lacked adequate internal controls
over financial reporting; and, the Company's financial statements
were materially false and misleading at all relevant times.
Youku operates an Internet television company in the People's
Republic of China. On March 19, 2015, after only two days’ notice
of its pending earnings release, the Company reported a net loss of
$51.3 million, compared to $4 million in the same quarter of 2013.
Youku also disclosed that the SEC is investigating certain aspects
of the Company's past accounting practices relating to revenue
recognition for multi-part deals, accounting of "non-monetary
exchanges of licensed content" and the classification of licensed
content as long-lived assets.
On this news, Youku's stock price dropped nearly 11% per share
to close at $13.50 per share on March 20, 2015.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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