NEW YORK, Sept. 25, 2020 (GLOBE NEWSWIRE) -- Zhang Investor Law announces the filing of a class action lawsuit on behalf of shareholders who bought shares of Qutoutiao Inc. (NASDAQ: QTT) (1) pursuant to and/or traceable to the Company’s September 2018 initial public offering (“IPO”); and/or (2) between September 14, 2018 and July 15, 2020, inclusive (the “Class Period”). The lawsuit seeks to recover investor losses under the federal securities laws.
To join the class action, go to http://zhanginvestorlaw.com/join-action-form/?slug=qutoutiao-inc&id=2403 or call Sophie Zhang, Esq. toll-free at 800-991-3756 or email info@zhanginvestorlaw.com for information on the class action.
如果您想加入这个集体诉讼案，请在这里提交您的信息。http://zhanginvestorlaw.com/join-action-form/?slug=qutoutiao-inc&id=2403
If you wish to serve as lead plaintiff, you must move the Court before the October 19, 2020 DEADLINE. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Qutoutiao replaced its advertising agent with a related party, thereby bypassing third-party oversight of the content and quality of the advertisements; (2) the Company placed advertisements on its mobile app for products whose claims could not be substantiated and thus were considered false advertisements under applicable regulations; (3) as a result, the Company would face increasing regulatory scrutiny and reputational harm; (4) as a result, the Company’s advertising revenue was reasonably likely to decline; and (5) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
Lead plaintiff status is not required to seek compensation. You may retain counsel of your choice. You may remain an absent class member and take no action at this time.
Zhang Investor Law represents investors worldwide. Attorney Advertising. Prior results do not guarantee similar outcomes.
Zhang Investor Law P.C.
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info@zhanginvestorlaw.com
tel: (800) 991-3756