Press release
Investors in DouYu International Holdings Limited (NASDAQ: DOYU) should contact the Shareholders Foundation in connection with Lawsuit
A lawsuit was filed on behalf of investors in DouYu International Holdings Limited (NASDAQ: DOYU) shares.
Investors who purchased a significant amount of shares of DouYu International Holdings Limited (NASDAQ: DOYU) have certain options and for certain investors are short and strict deadlines running. Deadline: August 8, 2023. NASDAQ: DOYU investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Wuhan, China based DouYu International Holdings Limited, together with its subsidiaries, operates a platform on PC and mobile apps that provides interactive games and entertainment live streaming services in the People's Republic of China.
On May 9, 2023, DouYu International Holdings Limited announced that, "Hubei provincial branch of the Cyberspace Administration of China (the "CAC") has sent an inspection team to the Company due to certain alleged violations of content rules and regulations on its platform. The CAC team is expected to conduct a one-month on-site inspection of the Company's content platform, which DouYu will fully cooperate with. DouYu is also concurrently conducting a comprehensive internal review of its content monitoring system. As a platform committed to regulatory compliance and the safety of its user community, DouYu plans to implement all necessary remedial measures based on the CAC inspection and its own internal review."
Shares of DouYu International Holdings Limited (NASDAQ: DOYU) declined on May 10, 2023, to $0.95 per share.
The plaintiff claims that between April 30, 2021 and May 9, 2023, the defendants made false and/or misleading statements and/or failed to disclose, among other things, that The Chinese government, due to concerns about issues such as video game and computer addiction, as well as content challenging its authority, could become increasingly aggressive towards DouYu regardless of how effective or sincere its attempts to comply with Chinese law were, that this increasingly aggressive posture subjected DouYu to a heightened risk of an investigation and subsequent government enforcement action and ultimately resulted in enforcement action, and that as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Those who purchased shares of DouYu International Holdings Limited (NASDAQ: DOYU) have certain options and should contact the Shareholders Foundation.
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 lawsuits, 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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