LOS ANGELES, CA / ACCESSWIRE / October 5, 2020 / The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class-action lawsuit against Qutoutiao Inc. ("Qutoutiao" or "the Company") (NASDAQ:QTT) for violations of the federal securities laws.
Investors who purchased the Company's shares pursuant to and/or traceable to the Company's September 2018 initial public offering ("IPO"); and/or (2) between September 14, 2018 and July 15, 2020, inclusive (the "Class Period") are encouraged to contact the firm before October 19, 2020.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Qutoutiao installed a related party as its advertising agent, removing third-party oversight of the quality and content of advertisements. The Company's mobile app ran ads considered false advertisements under applicable regulations. As a result of the regulatory scrutiny, the Company was likely to face regarding such ads, revenues would decline. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about Qutoutiao, investors suffered damages.
Join the case to recover your losses.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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SOURCE: The Schall Law Firm