NEW YORK, April 2, 2015 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that lawsuits have been commenced in the United States District Court for the Central District of California and in the United States District Court for the Southern District of New York on behalf of purchasers of Youku Tudou Inc. ("Youku Tudou" or the "Company") (NYSE:YOKU) securities during the period between February 27, 2014 and March 19, 2015 (the "Class Period") for violations of federal securities laws.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Youku Tudou securities during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by May 25, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact The Brualdi Law Firm, P.C. as set forth below.
The lawsuit alleges that defendants made false and/or misleading statements and/or failed to disclose that Youku Tudou Inc. (the "Company"): (i) improperly recognized revenue for multi-element arrangements; (ii) improperly recorded certain nonmonetary transactions to exchange online broadcasting rights of video content with other online video broadcasting companies; (iii) improperly accounted for its licensed content; (iv) lacked adequate internal controls over its financial reporting; and (v) as a result, its financial statements were materially false and misleading at all relevant times. The lawsuit also alleges that when the truth was revealed to investors, the price of the Company's securities fell, damaging investors.
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