PHILADELPHIA, Oct. 12, 2020 (GLOBE NEWSWIRE) -- Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of Qutoutiao Inc. (“Qutoutiao” or the “Company”) (NASDAQ: QTT) to determine whether the Company engaged in securities fraud or other unlawful business practices.
Qutoutiao investors who purchased, or otherwise acquired, the Company’s common stock pursuant to and/or traceable to the Company’s September 2018 Initial Public Offering and/or between September 14, 2018 and July 15, 2020, inclusive (the “Class Period”), and suffered losses greater than $50,000 are encouraged to complete Kehoe Law Firm’s Securities Class Action Questionnaire or contact Kevin Cauley, Director, Business Development, (215) 792-6676, Ext. 802, firstname.lastname@example.org, email@example.com, to discuss the securities investigation or potential legal claims.
IF YOU WISH TO SERVE AS LEAD PLAINTIFF, YOU MUST MOVE THE COURT NO LATER THAN OCTOBER 19, 2020. To be a member of the class action, you do not need to take any action at this time; you may retain counsel of your choice; or you can take no action and remain an absent member of the class action. No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel, unless you retain an attorney. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
According to a class action lawsuit, during the Class Period, the Qutoutiao defendants made false and/or misleading statements and/or failed to disclose that (1) Qutoutiao replaced its advertising agent with a related party, thereby bypassing third-party oversight of the content and quality of the advertisements; (2) the Company placed advertisements on its mobile app for products whose claims could not be substantiated and, thus. were considered false advertisements under applicable regulations; (3) as a result, the Company would face increasing regulatory scrutiny and reputational harm; (4) as a result, Qutoutiao’s advertising revenue was reasonably likely to decline; and (5) as a result of the foregoing, the Qutoutiao Defendants' positive statements about the Company's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at Kehoe Law Firm have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion on behalf of institutional and individual investors.
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