SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Qutoutiao Inc. - QTT
Jul 27, 2020, 22:15 ET
NEW YORK, July 27, 2020 /PRNewswire/ --Pomerantz LLP is investigating claims on behalf of investors of Qutoutiao Inc. ("Qutoutiao" or the "Company") (NASDAQ: QTT). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Qutoutiao and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On or around September 14, 2018, Qutoutiao commenced its initial public offering ("IPO"), issuing 12 million American depositary shares ("ADSs") priced at $7.00 per ADS. Then, on July 15, 2020, hosts of a consumer-rights gala in China stated that Qutoutiao had allowed ads on its platform promoting exaggerated or impossible claims from companies marketing weight-loss products. For example, one such ad offered free weight-loss products valued at $14,300 that would purportedly help users lose more than 30 pounds in a month.
On this news, the Company's ADS price fell $0.85 per ADS, or 23%, to close at $2.84 per ADS on July 16, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
SOURCE Pomerantz LLP
