ONGOING INVESTIGATION NOTICE: The Schall Law Firm Announces it is Investigating Claims Against Gridsum Holding Inc. and Encourages Investors With Losses In Excess of $100,000 to Contact the Firm
LOS ANGELES, CA / ACCESSWIRE / May 7, 2018 / The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Gridsum Holding Inc. ("Gridsum" or the "Company") (NASDAQ: GSUM) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. On April 23, 2018, a press release issued by Gridsum stated that the "audit report for the Company's financial statements for the year ended December 31, 2016 should no longer be relied upon." The press released states that when auditing Gridsum's financial results for the year ending December 31, 2017, the company's auditors identified accounting issues. According to the release, these issues included "certain revenue recognition, cash flow, cost, expense items, and their underlying documentation which [the auditor] had previously raised" with the company. Based on this information, Gridsum shares fell 16.05% or $1.17, closing on April 23, 2018 at $6.12
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall, or Sherin Mahdavian, of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at brian@schallfirm.com.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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CONTACT:
The Schall Law Firm
Brian Schall, Esq.
Sherin Mahdavian, Esq.
www.schallfirm.com
SOURCE: The Schall Law Firm
