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Case Status:    ONGOING    
On or around 07/09/2019 (Ongoing date of last review)

Filing Date: January 17, 2019

Plaintiff's law firm issued a press release on January 17, 2019, announcing the lawsuit. According to the press release, on December 18, 2015, Qihoo 360 Technology Co. Ltd. ("Qihoo 360" or the "Company"), purported to be the leading internet company in the People’s Republic of China, announced that it had entered into a definitive merger agreement pursuant to which it would be acquired by a consortium of investors in an “all-cash transaction valued at approximately $9.3 billion, including the redemption of approximately $1.6 billion of debt” (the “Merger”). Pursuant to the terms of the merger agreement, the Company’s shares and ADS would cease to exist in exchange for the right to receive a cash amount without interest.

The Complaint alleges that Qihoo 360 shareholders were misled into accepting consideration from the Merger that was well below fair value for their Qihoo 360 shares. Specifically, Defendants failed to disclose: (1) that the Company’s Proxy materials and Annual Report misrepresented and/or omitted material information that was necessary for Company shareholders to make an informed decision concerning whether to vote in favor of the Merger; (2) that contrary to the representations in the Proxy and the Annual Report, the Company already had plans to relist its shares in China prior to closing the Merger and its delisting from the NYSE; and (3) as a result, the Company’s statements about its business, operations, and prospects lacked a reasonable basis.

On April 15, 2019, Plaintiff filed a Motion to transfer the case to the Central District of California. On April 18, the Court issued an Order denying Plaintiff's Motion to transfer. The Court dismissed the case without prejudice. A related action continues under Docket 19-CV-01619 in the Central District of California.

On July 1, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel.

COMPANY INFORMATION:

Sector: Technology
Industry: Software & Programming
Headquarters: China

SECURITIES INFORMATION:

Ticker Symbol: QIHU
Company Market: New York SE
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.
COURT: S.D. New York
DOCKET #: 19-CV-00501
JUDGE: Hon. Paul A. Engelmayer
DATE FILED: 01/17/2019
CLASS PERIOD START: 01/11/2016
CLASS PERIOD END: 07/15/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Labaton Sucharow LLP
    140 Broadway, Labaton Sucharow LLP, NY 10005
    212.907.0700 212.818.0477 · info@labaton.com
No Document Title Filing Date
COURT: C.D. California
DOCKET #: 19-CV-01619
JUDGE: Hon. Paul A. Engelmayer
DATE FILED: 03/05/2019
CLASS PERIOD START: 01/11/2016
CLASS PERIOD END: 07/15/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz LLP (Beverly Hills)
    468 North Cameden Drive, Pomerantz LLP (Beverly Hills)
    (818) 532-6499 ·
No Document Title Filing Date
—Related District Court Filings Data is not available