DouYu International Holdings Limited : American Depositary Shares Securities Litigation
On or around 12/28/2020 (Date of last review)
Filing Date: March 24, 2020
According to the Complaint, DouYu International Holdings Limited purports to one of China’s top two live-streaming video-game platforms. Operating on personal computer (“PC”) and mobile applications, DouYu enables users to enjoy immersive and interactive games and entertainment live streaming.
This is a federal securities class action on behalf of all persons and entities, other than Defendants, who purchased DouYu American Depositary Shares pursuant and/or traceable to the Company’s Registration Statement issued in connection with the Company’s July 16, 2019 initial public offering.
The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) DouYu’s risks related to its top streamers had materialized, including that: (a) a top streamer was actively misrepresenting herself on DouYu’s platform; and (b) the costs associated with retaining top streamers was swelling; (2) DouYu did not ensure that all of its products were fully compliant with current regulatory requirements before those products became available on line; and (3) key interactive features of DouYu’s “lucky draw” were noncompliant with current regulatory requirements, requiring DouYu to remove them from operations, which negatively impacted user engagement activity and caused disappointing financial results.
On August 18, 2020, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel.
On September 2, 2020, this case was transferred to the Southern District of New York. Lead Plaintiff filed an amended Complaint on December 24.
Company & Securities Information
Defendant: DouYu International Holdings Limited
Industry: Communications Services
Ticker Symbol: DOYU
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.
First Identified Complaint
Lude Liang, et al. v. DouYu International Holdings Limited, et al.