NEW YORK, March 12, 2019 (GLOBE NEWSWIRE) -- Zhang Investor Law announces the filing of a class action lawsuit on behalf of shareholders of Qihoo 360 Technology Co. Ltd. (QIHU) stock and American Depositary Shares (“ADSs”) who: (a) sold shares, and were damaged thereby, during the period between January 11, 2016 and July 15, 2016, inclusive (the “Class Period”); and/or (b) held shares as of July 15, 2016. Excluded from the Class are Defendants, members of the immediate family of Individual Defendants, any subsidiary or affiliate of Qihoo 360, and the directors and officers of Qihoo 360 and their families and affiliates at all relevant times, and anyone who filed a petition or pursued appraisal rights of their Qihoo 360 stock pursuant to Cayman Law. The lawsuit seeks to recover damages for Qihoo 360 investors under the federal securities laws.
If you wish to serve as lead plaintiff, you must move the Court no later than March 18, 2019. 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 http://zhanginvestorlaw.com/join-action-form/?slug=qihoo-360-technology-co-ltd&id=1778 or to discuss your rights or interests regarding this class action, please contact Sophie Zhang, Esq. or Spencer Lee toll-free at 800-991-3756 or email firstname.lastname@example.org, email@example.com for information on the class action.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Qihoo 360’s Proxy materials and Annual Report misrepresented and/or omitted material information that was necessary for Qihoo 360 shareholders to make an informed decision concerning whether to vote in favor of a merger whereby Qihoo 360 would be acquired in an all-cash, going private deal (the “Merger”); (2) contrary to the representations in the Proxy and the Annual Report, Qihoo 360 already had plans to relist its shares in China prior to closing the Merger and its delisting from the NYSE; and (3) as a result, Qihoo 360’s statements about its business, operations, and prospects lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
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