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id: 759, Created by Stan Vick, Scout
DouYu International Holdings Limited (DOYU) CyberSpace Violations Case
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D. New JerseyCourt
- DouYu faced inspection over alleged violations of content rules & regulations.
- $DOYU fell 9.33%, damaging shareholders.
- Investors suspect DouYu & its Accountables of failing to disclose important facts about its business operations.
On May 9, 2023, DouYu International Holdings Limited (DOYU) filed a current report on Form 6-K with the SEC, which contained a press release stating that the “the CyberSpace Administration of China (CAC) has sent an inspection team to the Company due to certain alleged violations of content rules and regulations on its platform.
- The CAC team is expected to conduct a one-month on-site inspection of the Company’s content platform, which DouYu will fully cooperate with.
- DouYu is also concurrently conducting a comprehensive internal review of its content monitoring system.
- As a platform committed to regulatory compliance and the safety of its user community, DouYu plans to implement all necessary remedial measures based on the CAC inspection and its own internal review. DouYu is expected to maintain its normal operations during this period of time.”
On this news, $DOYU fell 9.33%, damaging shareholders.
Taking all facts into account, Investors have reasons to suspect DouYu and its Accountables of misleading statements and failing to disclose important facts about its business operations.
Failure to Disclose,
Shock Event Date
09 May 2023
09 June 2023
Lead Plaintiff Deadline
09 August 2023