Youdao, Inc
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
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 info@portnoylaw.com.
If you choose to take no action, you can remain an absent class member.
Joining the case through the Portnoy Law website enables investors to learn about their legal claims and take an active role in recovering their losses.
The Portnoy Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
On May 5, 2022, Youdao issued a press release “provid[ing] an update on its status under the Holding Foreign Companies Accountable Act (the ‘HFCAA’).” The press release stated, in relevant part, that “[o]n May 4, 2022, the U.S. Securities and Exchange Commission (the ‘SEC’) provisionally named the Company as a Commission-Identified Issuer after the Company filed its annual report on Form 20-F for the fiscal year ended December 31, 2021 with the SEC on April 28, 2022, which included an audit report issued by a public accounting firm that the Public Company Accounting Oversight Board (the ‘PCAOB’) has determined that it is unable to inspect or investigate completely.” The press release advised investors that “[i]n accordance with the HFCAA, if the SEC determines that a company has filed audit reports issued by a registered public accounting firm that cannot be inspected or investigated completely by the PCAOB for three consecutive years beginning in 2021, the SEC shall prohibit its shares or American depositary shares (the ‘ADSs’) from being traded on a national securities exchange or in the over-the-counter trading market in the United States.”
On this news, Youdao’s ADS price fell $0.67 per share, or 9.24%, to close at $6.58 per share on May 5, 2022.
