NEW YORK, Apr. 17, 2015 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the American Depository Shares (“ADSs”) of iDreamSky Technology Limited (“iDreamSky” or the “Company”) (Nasdaq: DSKY ). The class period is between August 8, 2014 and March 13, 2015, inclusive, including those investors who acquired iDreamSky ADSs pursuant or traceable to its initial public offering (“IPO”) commenced on or about August 7, 2014 (collectively, the “Class Period”).
Wolf Haldenstein encourages all shareholders who suffered losses on iDreamSky securities purchased within the Class Period and/or on the IPO to contact us immediately at (800) 575-0735 or email classmember@whafh.com .
The complaint alleges that iDreamSky failed to disclose that the company had overstated its ability to monetize its user base and effectively integrate its distribution channels. On March 13, 2015, after the market closed, iDreamSky lowered its revenue guidance for fourth quarter 2014 approximately by $9.9 million to approximately $53 million. According to the company, the revision of fourth quarter guidance was the result of the delay of a popular game, launched on one of the company's distribution platforms, and lower than anticipated revenues from another game being launched simultaneously as other hit games on the same distribution platform.
Following this surprising news, American Depositary Shares of iDreamSky fell $3.60, or over 33%, to close at $7.22 per share.
If you purchased iDreamSky American Depository Shares during the Class Period, you may, no later than June 1, 2015, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has over 70 attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com , or visit our website at www.whafh.com . All e-mail correspondence should make reference to the “iDreamSky Investigation.”
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Contact: Wolf Haldenstein Adler Freeman & Herz LLP Patrick Donovan, Esq. Gregory Stone, Director of Case and Financial Analysis Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com Tel: (800) 575-0735 or (212) 545-4774
