LOS ANGELES, March 14, 2005 (PRIMEZONE) -- Notice is hereby given by Glancy Binkow & Goldberg LLP that a Class Action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of a class (the "Class") consisting all persons or entities who purchased or otherwise acquired securities of SINA Corporation ("SINA" or the "Company") (Nasdaq:SINA) between October 26, 2004 and February 7, 2005, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges SINA, Wang Yan, and Charles Chao with violations of federal securities laws. Plaintiff claims defendants' omissions and material misrepresentations during the Class Period artificially inflated the Company's stock price, inflicting damages on investors. SINA Corporation is an online media company and value added information services provider for Chinese communities worldwide. The Complaint alleges the Company failed to disclose and misrepresented the following material adverse facts, which defendants knew or recklessly disregarded: (1) the Company was increasingly relying on services related to such "fortune telling" advertising as horoscopes and astrology to meet earnings forecasts and generate a positive revenue stream; (2) the Chinese government's crackdown on "fortune telling" advertising would have a material effect on the Company's revenue; (3) China Mobile Communication Corp.'s recent change in its billing process for multimedia messaging services SINA provides to China Mobile subscribers had a material effect on the Company's business; and (4) as a result, defendants' positive statements about SINA's growth and prospects were lacking any reasonable basis when made.
On February 7, 2005, SINA's business outlook and financial results for the fourth quarter and full year ended December 31, 2004, shocked the market, causing SINA shares to fall $2.96 per share, or 10.82 percent, on unusually high trading volume.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than April 18, 2005, to serve as lead plaintiff; however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.