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Case Status:    ONGOING    
On or around 08/21/2020 (Date of last review)

Filing Date: August 20, 2020

According to the Complaint, Qutoutiao Inc. offers a mobile application called Qutoutiao (which means “fun headlines”) that aggregates articles and short videos from professional media and freelancers and presents customized feeds to users. In September 2018, the Company completed its IPO, selling 13.8 million ADSs at $7.00 per share.

The Complaint alleges that during the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that Qutoutiao replaced its advertising agent with a related party, thereby bypassing third-party oversight of the content and quality of the advertisements; (2) that the Company placed advertisements on its mobile app for products whose claims could not be substantiated and thus were considered false advertisements under applicable regulations; (3) that, as a result, the Company would face increasing regulatory scrutiny and reputational harm; (4) that, as a result, the Company’s advertising revenue was reasonably likely to decline; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.

COMPANY INFORMATION:

Sector: Services
Industry: Communications Services
Headquarters: China

SECURITIES INFORMATION:

Ticker Symbol: QTT
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.
COURT: S.D. New York
DOCKET #: 20-CV-06707
JUDGE: Hon. Sidney H. Stein
DATE FILED: 08/20/2020
CLASS PERIOD START: 09/14/2018
CLASS PERIOD END: 07/15/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Prongay & Murray LLP (NY)
  2. Law Offices of Howard G. Smith
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available