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.
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