Gainey McKenna & Egleston Announces a Class Action Lawsuit Has Been Filed Against Youku Tudou, Inc. -- YOKU
April 02 2015 - 7:00PM
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.
Attorney Advertising -- Prior results do not guarantee a similar
outcome with respect to any future matter. Please visit our
website at http://www.gme-law.com for more information about the
firm.
Youku Tudou Inc. American Depositary Shares, Each Representing 18 Class A Ordinary Shares. (NYSE:YOKU)
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