GSUM.US
id: 894
Gridsum (GSUM) IPO Disclosures $4.5M Settlement
S.D. New York
Court1:18-cv-03655
Case number09/22/2016
Class period Start01/07/2019
Class period End05/15/2024
Claim deadlineGridsum agreed to settle a $4.5 million with investors to end a five-year-old lawsuit alleging Gridsum made misleading statements about its accounting and taxes related to a 2016 IPO.
Case Details:
Gridsum supposedly misled about its lacking of effective internal control over financial reporting, which resulted in inaccurate financial statements.
On April 23, 2018, Gridsum issued a press release, acknowledging the suspension of its audit report for the year ended December 31, 2016.
Moreover, audit problems for the financial results in 2017 caused a 16% $GSUM drop.
Gridsum has now decided to resolve all the case related allegations and pay a $4.5M settlement.
Case Status
Disbursement
Alleged Offence
Mismanagement,
Misleading Statements,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Filing date
04/25/2018
Plaintiffs
Peifa Xu
Attorneys
Bragar Eagel & Squire PC
Defendants
Thomas Adam Melcher, Guosheng Qi, Ravi Sarathy, Micahel Peng Zhang
Judge
Hon. Edgardo Ramos
Settlement agreement date
2023-12-05
Court hearing date
03/04/2024
Exclusion deadline
03/04/2024
Objection deadline
03/04/2024
Trades matching type
FIFO
Disbursement date
12/02/2024
+$4,500,000
Cash Settlement AmountFrequently Asked Questions
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