According to the law firm press release, on October 12, 2017, Xunlei Limited introduced its blockchain-based product “OneCoin” to the market. The Company’s customers could then receive OneCoin for contributing their bandwidth and use OneCoin to purchase Xunlei’s products, goods and services.

The complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Xunlei had engaged in unlawful financial activity; (2) OneCoin was a form of disguised Initial Coin Offering; (3) Xunlei was engaged in the promotion of an Initial Miner Offering; and (4) as a result of the foregoing, Defendants’ statements about Xunlei’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis.

On April 12, 2018, the Court issued an Order consolidating cases and appointing Lead Plaintiffs and Counsel. The consolidated cases shall be identified as "In re Xunlei Limited Securities Litigation." Lead Plaintiffs filed an amended Complaint on June 4. Defendants filed a Motion to Dismiss the amended Complaint on August 3. On September 10, 2019, the Court issued an Order granting Defendants' Motion to Dismiss.