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Lawsuit filed for Investors in shares of DouYu International Holdings Limited (NASDAQ: DOYU)

03-17-2020 06:17 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in DouYu International Holdings Limited (NASDAQ: DOYU) shares.

A lawsuit was filed on behalf of investors in DouYu International Holdings Limited (NASDAQ: DOYU) shares.

An investor, who purchased shares of DouYu International Holdings Limited (NASDAQ: DOYU), filed a lawsuit over alleged violations Securities Laws by DouYu International Holdings Limited (NASDAQ: DOYU in connection with DouYu's July 18, 2019 initial public offering ("IPO").

Investors who purchased shares of DouYu International Holdings Limited (NASDAQ: DOYU) have certain options and for certain investors are short and strict deadlines running. Deadline: May 4, 2020. NASDAQ: DOYU investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

China based DouYu International Holdings Limited operates a platform on PC and mobile apps that provides interactive games and entertainment live streaming in China. On July 16, 2019, DouYu International Holdings Limited (NASDAQ: DOYU) announced its pricing of its initial public offering ("IPO") of 67.38 million ADS shares at $11.5 per share for a gross total proceeds of approximately $775 million.

However, since the IPO, shares of DouYu International Holdings Limited (NASDAQ: DOYU) declined to as low as $6.50 per share on March 9, 2020.

The plaintiff alleges on behalf of investors who purchased DouYu International Holdings Limited (NASDAQ: DOYU) pursuant and/or traceable to DouYu's July 18, 2019 initial public offering, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that DouYu's registration statement contained statements that were materially inaccurate, misleading, and/or incomplete because they failed to disclose that 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, that DouYu did not ensure that all of its products were fully compliant with current regulatory requirements before those products became available on line, and that key interactive features of DouYu's "lucky draw" were noncompliant with current regulatory requirements, requiring DouYu International Holdings Limited to remove them from operations, which negatively impacted user engagement activity and caused disappointing financial results

Those who purchased shares of DouYu International Holdings Limited (NASDAQ: DOYU) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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