Investors with a $100,000 or more in losses are encouraged to contact the firm before October 19, 2020; click here to submit trade information
LOS ANGELES, Oct. 08, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Qutoutiao, Inc. (NASDAQ: QTT) investors that acquired shares between September 14, 2018 and July 15, 2020. Investors have until October 19, 2020 to seek an active role in this litigation.
Investors are encouraged to contact attorney Lesley F. Portnoy, to determine eligibility to participate in this action, by phone 310-692-8883 or email, or click here to join the case.
It is alleged within the complaint filed in this class action that Defendants made materially misleading and/or false statements, as well as failed to disclose facts that were materially adverse about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Qutoutiao replaced its advertising agent with a related party, which bypassed third-party oversight of the content as well as the quality of the advertisements; (2) that the Company placed advertisements for products on its mobile app whose claims could not be substantiated and thus were considered false advertisements under the applicable regulations; (3) that, as a result, the Company would face increasing reputational harm and regulatory scrutiny; (4) that, as a result, the Company’s advertising revenue was reasonably likely to decline; and (5) that, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis, as a result of the foregoing.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than October 19, 2020.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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