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GSUM.US
id: 894

Gridsum (GSUM) IPO Disclosures $4.5M Settlement

S.D. New York
Court
1:18-cv-03655
Case number
22 Sept 2016
Class period Start
07 Jan 2019
Class period End
15 May 2024
Claim deadline
Gridsum 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
Accepting Late Claims
Alleged Offence
Mismanagement
Misleading Statements
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Filing date
25 April 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
04 March 2024
Exclusion deadline
04 March 2024
Objection deadline
04 March 2024
Trades matching type
FIFO
+$4,500,000
Cash Settlement Amount

Frequently Asked Questions

Gridsum Holding Inc.

Gridsum Holding Inc. provides data analysis software for enterprises and government agencies in China. Its proprietary distributed data architecture allows its customers to collect and analyze info...

    Ticker
    GSUM.US
    ISIN
    US3981321009
    CIK
    0001647338
    Sector
    Technology
    Industry
    Software - Application
    Country
    USA
    Address
    High Technology Building, Beijing, China, 100083