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DouYu International Holdings Limited (NASDAQ: DOYU) Investor Securities Class Action Lawsuit 03/05/2020

  • If you purchased shares of DouYu International Holdings Limited (NASDAQ: DOYU), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
DouYu International Holdings Limited
Security
NASDAQ: DOYU

Case Name
DouYu International Holdings Shareholder Class Action Lawsuit 03/05/2020
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

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Summary

April 2, 2021 - A second amended complaint was filed.

December 24, 2020 - An amended complaint was filed.

September 2, 2020 - The case was transferred to the U.S. District Court for the Southern District of New York.

March 24, 2020 - An investor in shares of DouYu International Holdings Limited (NASDAQ: DOYU) filed a lawsuit over alleged violations of Federal Securities Laws by DouYu International Holdings Limited in connection with certain allegedly false and misleading statements made in connection with DouYu’s July 18, 2019 initial public offering (“IPO”).

China based DouYu International Holdings Limited operates a platform on PC and mobile apps that provides interactive games and entertainment live streaming in China. On July 16, 2019, DouYu International Holdings Limited (NASDAQ: DOYU) announced its pricing of its initial public offering (“IPO”) of 67.38 million ADS shares at $11.5 per share for a gross total proceeds of approximately $775 million. However, since the IPO, shares of DouYu International Holdings Limited (NASDAQ: DOYU) declined to as low as $7.41 per share on October 15, 2019.

According to the complaint the plaintiff alleges on behalf of investors who purchased DouYu International Holdings Limited (NASDAQ: DOYU) pursuant and/or traceable to DouYu’s July 18, 2019 initial public offering, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that DouYu’s registration statement contained statements that were materially inaccurate, misleading, and/or incomplete because they failed to disclose that DouYu’s risks related to its top streamers had materialized, including that: (a) a top streamer was actively misrepresenting herself on DouYu’s platform, and (b) the costs associated with retaining top streamers was swelling, that DouYu did not ensure that all of its products were fully compliant with current regulatory requirements before those products became available on line, and that key interactive features of DouYu’s “lucky draw” were noncompliant with current regulatory requirements, requiring DouYu International Holdings Limited to remove them from operations, which negatively impacted user engagement activity and caused disappointing financial results