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DOYU.US
id: 253
It is still possible to file a late claim. The court will decide whether to accept late claims or not.
Supreme
Court
16 Jun 2019
Class period Start
21 Jan 2020
Class period End
28 Dec 2022
Claim deadline
Douyu International Holdings
"The State Action alleges that Defendants violated certain federal securities laws by making misrepresentations and/or omissions of material fact in the Offering Materials for DouYu’s IPO concerning (a) Tencent’s plans to invest at least $1 billion in another Chinese live-streaming company (“Kuaishou”), and the resulting risk that this investment would enable Kuaishou to expand and encroach upon DouYu’s eSports live-streaming business; (b) DouYu’s lucrative “lucky draw” feature, including the feature’s non-compliance with Chinese law and DouYu’s resulting plans to materially modify or eliminate it; (c) DouYu’s decelerating revenue growth in the face of increased competition; and (d) DouYu’s failure to verify the identity of one of its top streamers, who had been fabricating her identity to fool unsuspecting users. The Federal Action alleged much of the same misconduct, and also that Defendants made misrepresentations and/or omissions of material fact concerning the transferability of DouYu’s virtual currency and the impact on DouYu’s revenue of purchases by DouYu streamers of “virtual gifts” for themselves. Both Actions also allege that Defendants’ misstatements or omissions artificially inflated the price of DouYu ADS during the Class Period. Defendants deny all allegations of wrongdoing and liability asserted in the Actions."
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Plaintiffs
Marcus Chelf, Pavel Kovalenko, Li Yunyan and Heng Huang
Attorneys
Pomerantz LLP, Scott+Scott Attorneys at Law LLP, Robbins Geller Rudman & Dowd LLP
Judge
Justice Andrew Borrok
Administrator
Gilardi & Co LLC
Court hearing date
01 December 2022
+$15,000,000
Total Settlement Amount

DouYu International Holdings

DouYu International Holdings Limited, together with its subsidiaries, operates a platform on PC and mobile apps that provides interactive games and entertainment live streaming services in the Peop...

    Ticker
    DOYU.US
    ISIN
    US25985W1053
    Sector
    Communication Services
    Industry
    Internet Content & Information
    Country
    USA
    Address
    Bldg A, New Dev Intl. Ctr, Wuhan, China, 430073