SAN FRANCISCO, April 15, 2015 (GLOBE NEWSWIRE) -- Please note that in a release issued earlier today by Hagens Berman Sobol Shapiro LLP, the class period was incorrect. The entire corrected release follows:
Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, advises investors who have losses over $100,000 of the May 26, 2015 lead plaintiff deadline in a class action lawsuit filed against Youku Tudou, Inc. (NYSE: YOKU ) (“YOKU” or “the Company”). The suit is pending in U.S. District Court for the Southern District of New York, and investors who purchased Youku securities between May 15, 2013 and March 19, 2015 (the “Class Period”) have until May 26, 2015 to move for lead plaintiff . You do not need to move for lead plaintiff to be a member of the Class, but if you do, you should carefully research your selection of law firm’s reputation and respect in the legal community, as well as qualifications to represent you as a lead plaintiff.
If you have losses of over $100,000 from your purchases of YOKU securities during the Class Period you may contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation, by calling (510) 725-3000, emailing YOKU@hbsslaw.com or visiting http://hb-securities.com/investigations/YOKU to discuss this litigation, fully understand the lead plaintiff process, and review Hagens Berman’s qualifications to prosecute this litigation. Investors with losses less than $100,000 are still eligible to be members of the class and no class has yet been certified in this case.
YOKU is an online video and internet television company in China. The lawsuit alleges that Defendants made false and/or misleading statements and/or failed to disclose that during the Class Period, the Company: (i) improperly recognized revenue for multi-element arrangements; (ii) improperly recorded certain nonmonetary transactions to exchange online broadcasting rights of video content with other online video broadcasting companies; (iii) improperly accounted for its licensed content; (iv) lacked adequate internal controls over its financial reporting; and (v) as a result, its financial statements were materially false and misleading at all relevant times.
On March 19, 2015, the Company announced a net loss of $51.3 million and also announced that its past accounting practices were under investigation by the Securities and Exchange Commission. These announcements caused Youku’s share price to decrease significantly.
“We are investigating the alleged suspicious activity at Youku Tudou,” said Hagens Berman partner Reed Kathrein, “what is emerging is a company that seems to have run its business without regard for shareholder value.”
If you were negatively impacted by your investment in Youku securities between May 15, 2013 and March 19, 2015 , and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation.
Whistleblowers: Persons with non-public information regarding Youku should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. The Dodd-Frank SEC Whistleblower Program, 15 U.S.C. § 78U-6, provides substantial monetary rewards to whistleblowers who voluntarily provide original information to the SEC where such information results in a successful enforcement action with monetary sanctions exceeding $1 million. For more information, call Reed Kathrein at (510) 725-3000 or email YOKU@hbsslaw.com .
About Hagens Berman
Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm headquartered in Seattle, Washington with offices in nine cities. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes can be found at www.hbsslaw.com . Read the firm’s Securities Newsletter at http://www.hb-securities.com/newsletter . The firm’s blog is located at www.meaningfuldisclosure.com .
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Contact: Reed Kathrein, (510) 725-3000
