Press release
Investigation announced for Investors in shares of Qutoutiao Inc. (NASDAQ: QTT)
An investigation for investors in Qutoutiao Inc. (NASDAQ: QTT) shares over potential securities laws violations by Qutoutiao Inc.
Investors who purchased shares of Qutoutiao Inc. (NASDAQ: QTT), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether a series of statements by Qutoutiao Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
China based Qutoutiao Inc. operates mobile platforms for the distribution, consumption, and sharing of light entertainment content in the People's Republic of China.
On or around September 14, 2018, Qutoutiao Inc commenced its initial public offering ("IPO"), issuing 12 million American depositary shares ("ADSs") priced at $7.00 per ADS.
Qutoutiao Inc. reported that its annual Total Revenue rose from over 3.02 billion CNY in 2018 to over 5.57 billion CNY in 2019, and that its Net Loss increased from 1.94 billion in 2018 to 2.68 billion in 2019.
Shares of Qutoutiao Inc. (NASDAQ: QTT) declined to as low as $2.26 per share in May 2020.
Then, on July 15, 2020, hosts of a consumer-rights gala in China stated that Qutoutiao had allowed ads on its platform promoting exaggerated or impossible claims from companies marketing weight-loss products. For example, one such ad offered free weight-loss products valued at $14,300 that would purportedly help users lose more than 30 pounds in a month.
Shares of Qutoutiao Inc. (NASDAQ: QTT) closed on August 5, 2020, at $3.18 per share.
Those who purchased shares of Qutoutiao Inc. (NASDAQ: QTT) 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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