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Huazhu Group Limited (NASDAQ: HTHT) Investor Securities Class Action Lawsuit 10/08/2018

  • If you purchased shares of Huazhu Group Limited (NASDAQ: HTHT), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Huazhu Group Limited
Security
NASDAQ: HTHT

Case Name
Huazhu Group Shareholder Class Action Lawsuit 10/08/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Central District of California

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

February 27, 2019 - The case was voluntarily dismissed.

October 8, 2018 - An investor in shares of Huazhu Group Limited (NASDAQ: HTHT) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Huazhu Group Limited in connection with certain allegedly false and misleading statements made between May 14, 2018 and August 28, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Huazhu Group Limited (NASDAQ: HTHT) common shares between May 14, 2018 and August 28, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 14, 2018 and August 28, 2018, the Defendants failed to disclose to investors that the Company lacked adequate security measures to protect customer information, that, as a result of the foregoing, the Company would be susceptible to increased litigation risk and higher expenses, that, as a result of the foregoing, the Company’s goodwill would potentially suffer, leading to lower revenues, and that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.

China based Huazhu Group Limited, together with its subsidiaries, develops and operates leased and owned, manachised, and franchised hotels primarily in the People's Republic of China.

Huazhu Group Limited reported that its annual Total Revenue rose from over 6.53 billion CNY in 2016 to over 8.17 billion CNY in 2017 and that its Net Incoem increased from 804 million CNY in 2016 to over 1.23 billion CNY in 2017.

Shares of Huazhu Group Limited (NASDAQ: HTHT) reached as high as $49.60 per share in June 2018.

Then on August 29, 2018, media outlets reported that Shanghai police had been alerted to a possible client data breach at Huazhu Group Limited, stating that nearly 500 million pieces of customer-related information, including registration information, personal data, and booking records, had emerged in an online post.

Shares of Shares of Huazhu Group Limited (NASDAQ: HTHT) declined to as low as $30.51 per share on Setpember 7, 2018.