NEW YORK, Oct. 30, 2015 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of all persons who purchased or otherwise acquired the American Depositary Shares of SouFun Holdings Limited (“SouFun”) (NYSE:SFUN) between May 20, 2015 through October 27, 2015 (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
The Complaint alleges that Defendants issued materially false and misleading statements to investors and/or failed to disclose that: (1) SouFun employees routinely created “fake contracts”; (2) Defendants were aware that SouFun employees routinely created “fake contracts”; and (3) as a result, the Company’s public statements were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the Complaint claims that investors suffered damages.
If you wish to serve as lead plaintiff, you must move the Court no later than December 29, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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