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Investors with a $100,000 or more in losses are encouraged to contact the firm before October 19, 2020; click here to submit trade information
LOS ANGELES, Oct. 16, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Qutoutiao (NASDAQ: QTT) investors that acquired shares between September 14, 2018 and July 15, 2020. Investors have until October 19, 2020 to seek an active role in this litigation.
The complaint, filed on August 20, 2020, alleges that Qutoutiao made materially false and/or misleading statements, as well as failed to disclose material adverse facts about their business, operations, and prospects. Specifically, Qutoutiao failed to disclose to investors: (1) that the company replaced its advertising agent with a related party, bypassing third-party oversight of the quality and content of the advertisements; (2) that Qutoutiao placed advertisements on its mobile app for products whose claims could not be substantiated, thus considered false advertisements under the applicable regulations; (3) that Qutoutiao would face increasing regulatory scrutiny and reputational harm, as a result; (4) that Qutoutiao’s advertising revenue was reasonably likely to decline, as a result; and (5) that Qutoutiao’s positive statements about the their business, operations, and prospects, were materially misleading and/or lacked a reasonable basis, as a result of the foregoing.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than October 19, 2020.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar