NEW YORK, April 2, 2015 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of all persons or entities that purchased the securities of Youku Tudou, Inc. ("Youku" or the "Company") (NYSE:YOKU) between February 27, 2014 and March 19, 2015 (the "Class Period").
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that Youku: (i) improperly recognized revenue for multi-element arrangements; (ii) improperly recorded certain nonmonetary transactions to exchange online broadcasting rights of video content with other online video broadcasting companies; (iii) improperly accounted for its licensed content; (iv) lacked adequate internal controls over its financial reporting; and (v) as a result, its financial statements were materially false and misleading at all relevant times. When the truth was revealed to investors, the price of the Company securities fell, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than May 25, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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