NEW YORK, Apr. 24, 2015 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP has filed a class action lawsuit against Youku Tudou, Inc. ("Youku" or the "Company") (NYSE: YOKU ) following the Company's announcement disclosing that the Company had received and responded to inquiries from the Securities and Exchange Commission (“SEC”) regarding certain accounting treatment adopted by the Company in its historical financial statements. The lawsuit was filed in the Southern District of New York and is captioned Jahm v. Youku Tudou , Inc., 15 - CV - 2875 . The lawsuit affects all investors who own and suffered losses in Youku American Depositary Receipts (ADRs) purchased between May 15, 2013, and March 19, 2015, inclusive. If you wish to serve as a lead plaintiff, you must move the Court no later than May 26, 2015.
On March 19, 2015, Youku announced that it had received and responded to queries from the SEC regarding certain accounting treatment it adopted in its historical financial statements. As a result, the Company is attempting to resolve the SEC's comments and intends to file its 2014 Form 20-F by the end of April 2015.
The stock fell from a closing price of $15.15 on Thursday, March 19, 2015, to close at $13.50 on March 20, 2015, a drop of approximately 9%, on extremely high volume. Shares of the Company continued to fall in the weeks following the announcement, closing at just $12.36 on March 30, 2015, representing a total drop of over 18%. The loss of market value was approximately $365 million.
You may move to be appointed as lead plaintiff by May 26, 2015. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Wolf Haldenstein, or other counsel of your choice, to serve as your counsel in this action. Additional information about the case may be obtained at www.whafh.com.
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, please contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, or via e-mail at classmember@whafh.com . All e-mail correspondence should make reference to “Youku Yudou investigation.”
Wolf Haldenstein Adler Freeman & Herz LLP Matthew Guiney or Gregory Stone Email: Guiney@whafh.com, gstone@whafh.com or classmember@whafh.com Tel: (800) 575-0735 or (212) 545-4774
