Xunlei Limited : American Depository Shares Securities Litigation
On or around 11/16/2015 (Court's order of dismissal)
Filing Date: June 08, 2015
According to the law firm press release, the lawsuit alleges Defendants made false and/or misleading statements and failed to disclose the material risk that Xunlei’s strategic focus on Project Crystal and its mobility initiative would have a detrimental impact on the Company’s financial condition. When the true details entered the market, the Company’s stock fell $1.69 per share or almost 15% to close at $9.71 per share on May 21, 2015, damaging investors.
On September 15, 2015, the Court issued an Order appointing Lead Plaintiff and Counsel. This case was voluntarily dismissed on November 9.
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