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Investigation announced for Investors in Sogou Inc. (NYSE: SOGO) over potential Wrongdoing

03-01-2021 09:25 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

An investigation on behalf of current long term investors in Sogou Inc. (NYSE: SOGO) shares.

An investigation on behalf of current long term investors in Sogou Inc. (NYSE: SOGO) shares.

An investigation was announced concerning potential breaches of fiduciary duties by certain directors and officers of Sogou Inc.

Investors who are investors in Sogou Inc. (NYSE: SOGO) shares, 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 for current long term investors in NYSE: SOGO stocks follows a lawsuit filed against Sogou Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE: SOGO stocks, concerns whether certain Sogou Inc. directors are liable in connection with the allegations made in that lawsuit.

According to that complaint filed in the U.S. District Court for the Southern District of New York the plaintiff alleges that the defendants made false and/or misleading statements and/or failed to disclose that Chinese regulators were analyzing Sogou Inc for regulatory action because of an increase Sogou Inc merchants’ sales of counterfeit goods, that Chinese regulators were analyzing Sogou Inc for regulatory action because Sogou’s existing software, advertising procedures, personnel, and audit procedures were insufficient to safeguard against compliance violations with governing Chinese regulations, and would need to be updated, enhanced, and strengthened, thus resulting in increased expenses, that Sogou’s cost of revenues were skyrocketing primarily because of significant increases in Traffic Acquisition Cost, which is a primary driver of Sogou’s cost of revenues, as Sogou Inc was dealing with significant price inflation from increased competition, that Sogou was going to alter its strategy concerning smart hardware and push the Company’s AI capabilities to increase product competitiveness, that as a result of altering its smart hardware strategy, Sogou Inc had already decided to phase out non-AI-enabled hardware products, such as legacy models of Teemo Smart Watch, and transition to use products integrating AI technologies, which Sogou Inc hoped would reduce its hardware revenues in the second half of 2018, and that as a result of the foregoing, Sogou’s public statements were materially false and misleading at all relevant times.

Those who purchased shares of Sogou Inc. (NYSE: SOGO) 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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