Changyou.com Limited : American Depositary Shares Securities Litigation
On or around 12/09/2020 (Date of last review)
Filing Date: December 08, 2020
According to the Complaint, Changyou.com Limited is a leading online game developer and operator in China as measured by the popularity of its PC game TLBB and its mobile game Legacy TLBB Mobile. Changyou also engages in the development, operation and licensing of its massively multi-player online role-playing games, which are interactive games that may be played simultaneously by hundreds of thousands of game players.
On January 24, 2020, Changyou, Sohu.com (Game) Limited (“Sohu Game”), Sohu.com, and Merger Co. entered into an agreement and plan of merger (the “Merger Agreement”), whereby Merger Co. agreed to merge with and into Changyou (the “Merger”). As part of the Merger, Shou.com agreed to acquire the remaining shares it did not own in Changyou for $5.40 per Class A share and $10.80 per ADS.
On February 14, 2020, Changyou, Sohu.com, Sohu Game, and Merger Co. jointly filed a Rule 13E-3 Transaction Statement under Section 13(e) of the Securities Exchange Act (the “Transaction Statement”). The Complaint alleges that the Transaction Statement contained false and misleading statements regarding the existence of dissenters’ rights (also known as appraisal rights) pursuant to Cayman Islands law.
Company & Securities Information
Defendant: Changyou.com Limited
Industry: Recreational Activities
Ticker Symbol: CYOU
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
ODS Capital LLC, et al. v. Changyou.com Limited, et al.