Xunlei Limited : American Depositary Shares Securities Litigation
On or around 09/11/2019 (Other)
Filing Date: January 18, 2018
According to the law firm press release, on October 12, 2017, Xunlei introduced its blockchain-based product “OneCoin” to the market. The Company’s customers could then receive OneCoin for contributing their bandwidth and purchase Xunlei’s products, goods and services using OneCoin.
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.
Company & Securities Information
Defendant: Xunlei Limited
Industry: Software & Programming
Ticker Symbol: XNET
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.