September 10, 2019 - The court granted the defendants' motion to dismiss.

August 3, 2018 - A motion to dismiss the amended complaint was filed.

June 4, 2018 - An amended complaint was filed.

January 18, 2018 - An investor in shares of Xunlei Ltd (NASDAQ: XNET) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Xunlei Ltd in connection with certain allegedly false and misleading statements made between October 10, 2017 and January 11, 2018.

China based Xunlei Ltd is a cloud-based acceleration technology company that operates an Internet platform in China based on cloud computing to enable users to access, manage and consume digital media content. Xunlei Ltd reported that its annual Total Revenue rose from $129.63 million in 2015 to $156.16 million in 2016 and that its Net Loss increased from $1.07 million in 2015 to $23.90 million in 2016.

On October 12, 2017, Xunlei Ltd introduced its blockchain-based product “OneCoin” to the market. The Company’s customers could then receive OneCoin for contributing their bandwidth and purchase Xunlei Ltd’s products, goods and services using OneCoin.

According to the complaint the plaintiff alleges on behalf of purchasers of Xunlei Ltd (NASDAQ: XNET) common shares between October 10, 2017 and January 11, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between October 10, 2017 and January 11, 2018, the defendants made false and/or misleading statements and/or failed to disclose that Xunlei Ltd had engaged in unlawful financial activity, that OneCoin was a form of disguised Initial Coin Offering, that Xunlei Ltd was engaged in the promotion of an Initial Miner Offering, and that as a result of the foregoing, defendants’ statements about Xunlei Ltd’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

Shares of Xunlei Ltd (NASDAQ: XNET) closed on January 19, 2018 at $16.39 per share.