China TechFaith Wireless Communication Technology Limited (CNTF), Sogou Inc. (SOGO) and Danske Bank A/S (DNKEY) Bronstein, Gewirtz & Grossman, LLC Class Action Update

NEW YORK, NY / ACCESSWIRE / February 15, 2019 / Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed againstthe following publicly-traded companies. You can review a copy of the Complaints by visiting the links below or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss, you can request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.

China TechFaith Wireless Communication Technology Limited (CNTF)

Class Period: July 12, 2018 - December 19, 2018
Lead Plaintiff Deadline: March 11, 2019
For more info: www.bgandg.com/cntf

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statementsand/or failed to disclose that: (1) China Techfaith's agreement to sell its wholly-owned subsidiary would not be as lucrative as it led investors to believe; (2) China Techfaith failed to adequately disclose that changing market conditions would negatively impact profitability; and (3) consequently, defendants' statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Sogou Inc. (SOGO)

Class Period: Sogou American Depository Shares ("ADS's") purchased pursuant and/or traceable to its initial public offering on November 9, 2017
Lead Plaintiff Deadline: March 11, 2019
For more info: www.bgandg.com/sogo

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statementsand/or failed to disclose that: (1) Chinese regulators were analyzing Sogou for regulatory action because of an increase Sogou merchants' sales of counterfeit goods; (2) Chinese regulators were analyzing Sogou for regulatory action because Sogou's existing software, advertising procedures, personnel, and audit procedures were insufficient to safeguard against compliance violations with governing Chinese regulations, and would need to be updated, enhanced, and strengthened, thus resulting in increased expenses; (3) Sogou's cost of revenues were skyrocketing primarily because of significant increases in Traffic Acquisition Cost, which is a primary driver of Sogou's cost of revenues, as Sogou was dealing with significant price inflation from increased competition; (4) Sogou was going to alter its strategy concerning smart hardware and push the Company's AI capabilities to increase product competitiveness; (5) as a result of altering its smart hardware strategy, Sogou had already decided to phase out non-AI-enabled hardware products, such as legacy models of Teemo Smart Watch, and transition to use products integrating AI technologies, which Sogou hoped would reduce its hardware revenues in the second half of 2018; and (6) as a result of the foregoing, Sogou's public statements were materially false and misleading at all relevant times.

Danske Bank A/S (DNKEY)

Class Period: January 9, 2014 - October 23, 2018
Lead Plaintiff Deadline: March 11, 2019
For more info: www.bgandg.com/dnkey

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statementsand/or failed to disclose that: (1) Danske Bank's Estonian branch was facilitating money laundering through at least March 2016; (2) that a whistleblower had reported the Estonian money laundering to the Company in 2013; (3) that Denmark's Financial Supervisory Authority (the "DFSA") had been investigating the Estonian money laundering since 2014; (4) that Danske Bank had concealed the results of its own internal investigation from the DFSA, further exposing it to regulatory action and fines; (5) that Danske Bank had been overstating its historical profits by including the profits derived from its illicit Estonian operations; and (6) that Danske Bank lacked effective internal and reporting controls.

Contact:

Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz

212-697-6484 | info@bgandg.com

SOURCE: Bronstein, Gewirtz & Grossman, LLC

View source version on accesswire.com:
https://www.accesswire.com/535454/China-TechFaith-Wireless-Communication-Technology-Limited-CNTF-Sogou-Inc-SOGO-and-Danske-Bank-AS-DNKEY-Bronstein-Gewirtz-Grossman-LLC-Class-Action-Update