The complaint, filed on August 20, 2020, alleges that Qutoutiao made materially false and/or misleading statements, as well as failed to disclose material adverse facts about their business, operations, and prospects. Specifically, Qutoutiao failed to disclose to investors: (1) that the company replaced its advertising agent with a related party, bypassing third-party oversight of the quality and content of the advertisements; (2) that Qutoutiao placed advertisements on its mobile app for products whose claims could not be substantiated, thus considered false advertisements under the applicable regulations; (3) that Qutoutiao would face increasing regulatory scrutiny and reputational harm, as a result; (4) that Qutoutiao’s advertising revenue was reasonably likely to decline, as a result; and (5) that Qutoutiao’s positive statements about the their business, operations, and prospects, were materially misleading and/or lacked a reasonable basis, as a result of the foregoing.
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to firstname.lastname@example.org.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at email@example.com.
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