Huazhu Group Limited Engages Gibson, Dunn & Crutcher LLP to Defend Proposed Securities Class Action
October 11 2018 - 7:30AM
Huazhu Group Limited (NASDAQ:HTHT) (“Huazhu” or the “Company”), a
leading and fast-growing multi-brand hotel group in China, today
engaged Gibson, Dunn & Crutcher LLP to defend the proposed
securities class action.
On October 9, 2018, Huazhu became aware via publicly available
information that a class action complaint has been filed with the
United States District Court in the Central District of California
against the Company and its management alleging violations of the
U.S. securities laws in relation to possible data breach.
The Company believes that the claims in the complaint are
without merit and will defend vigorously. The Company has engaged
Gibson, Dunn & Crutcher LLP as its legal counsel to defend the
lawsuit at issue.
About Huazhu Group Limited
Huazhu Group Limited is a leading hotel operator and franchisor
in China. As of June 30, 2018, the Company had 3,903 hotels or
393,417 rooms in operation. With a primary focus on economy and
midscale hotel segments, Huazhu’s brands include Hi Inn, HanTing
Hotel, Elan Hotel, HanTing Premium Hotel, JI Hotel, Starway Hotel,
Joya Hotel, Crystal Orange Hotel, Orange Hotel Select, Orange Hotel
and Manxin Hotel. The Company also has the rights as master
franchisee for Mercure, Ibis and Ibis Styles, and co-development
rights for Grand Mercure and Novotel, in Pan-China region.
The Company’s business includes leased and owned, manachised and
franchised models. Under the lease and ownership model, the Company
directly operates hotels typically located on leased or owned
properties. Under the manachise model, the Company manages
manachised hotels through the on-site hotel managers it appoints
and collects fees from franchisees. Under the franchise model, the
Company provides training, reservation and support services to the
franchised hotels and collects fees from franchisees but does not
appoint on-site hotel managers. The Company applies a consistent
standard and platform across all of its hotels. As of June 30,
2018, Huazhu Group operates 22 percent of its hotel rooms under
lease and ownership model, 78 percent under manachise and franchise
models.
For more information, please visit the Company’s website:
http://ir.huazhu.com.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995: The information in this release contains
forward-looking statements which involve risks and uncertainties,
including statements regarding the Company’s capital needs,
business strategy and expectations. Any statements contained herein
that are not statements of historical fact may be deemed to be
forward-looking statements, which may be identified by terminology
such as “may,” “should,” “will,” “expect,” “plan,” “intend,”
“anticipate,” “believe,” “estimate,” “predict,” “potential,”
“forecast,” “project,” or “continue,” the negative of such terms or
other comparable terminology. Readers should not rely on
forward-looking statements as predictions of future events or
results. Any or all of the Company’s forward-looking statements may
turn out to be wrong. They can be affected by inaccurate
assumptions, risks and uncertainties and other factors which could
cause actual events or results to be materially different from
those expressed or implied in the forward-looking statements. In
evaluating these statements, readers should consider various
factors, including the anticipated growth strategies of the
Company, the future results of operations and financial condition
of the Company, the economic conditions of China, the regulatory
environment in China, the Company’s ability to attract customers
and leverage its brands, trends and competition in the lodging
industry, the expected growth of the lodging market in China and
other factors and risks outlined in the Company's filings with the
Securities and Exchange Commission, including its annual report on
Form 20-F and other filings. These factors may cause the Company's
actual results to differ materially from any forward-looking
statement. In addition, new factors emerge from time to time and it
is not possible for the Company to predict all factors that may
cause actual results to differ materially from those contained in
any forward-looking statements. Any projections in this release are
based on limited information currently available to the Company,
which is subject to change. This release also contains statements
or projections that are based upon information available to the
public, as well as other information from sources which the Company
believes to be reliable, but it is not guaranteed by the Company to
be accurate, nor does the Company purport it to be complete. The
Company disclaims any obligation to publicly update any
forward-looking statements to reflect events or circumstances after
the date of this document, except as required by applicable
law.
Contact InformationInvestor RelationsTel: 86 (21) 6195
9561Email: ir@huazhu.comhttp://ir.huazhu.com
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