NEW YORK, NY / ACCESSWIRE / January 29, 2018 / Pawar Law Group announces that a class action lawsuit has been filed on behalf of shareholders who purchased shares of Xunlei Limited (NASDAQ: XNET) from October 10, 2017 through January 11, 2018, both dates inclusive ("Class Period"). The lawsuit seeks to recover damages for Xunlei investors under the federal securities laws.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, defendants during the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) Xunlei had engaged in unlawful financial activity; (2) OneCoin, Xunlei's blockchain-based product, was a form of disguised Initial Coin Offering; (3) Xunlei was engaged in the promotion of an Initial Miner Offering; and (4) as a result, defendants' statements about Xunlei's business, operations, and prospects were false and misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than March 20, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://pawarlawgroup.com/cases/xunlei-limited/ or to discuss your rights or interests regarding this class action, please contact Vik Pawar of Pawar Law Group toll-free at 888-589-9804 or via email at [email protected].
Pawar Law Group represents investors from around the world.
Vik Pawar, Esq.
Pawar Law Group
20 Vesey Street, Suite 1210
New York, NY 10007
Tel: (917) 261-2277
Fax: (212) 571-0938
SOURCE: Pawar Law Group