WILMINGTON, Del., March 26, 2015 /PRNewswire/ -- Rigrodsky &
Long, P.A.:
- Do you, or did you, own shares of Youku Tuduo Inc.
(NYSE: YOKU)?
- Did you purchase your shares between February 27, 2014 and March 19, 2015, inclusive?
- Did you lose money in your investment in Youku Tuduo
Inc.?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A., including former Special Assistant
United States Attorney, Timothy J.
MacFall, announces that a complaint has been filed in the
United States District Court for the Southern District of
New York on behalf of all persons
or entities that purchased the American Depository Shares ("ADSs")
of Youku Tuduo Inc. ("YOKU" or the "Company") (NYSE: YOKU) between
February 27, 2014 and March 19, 2015, inclusive (the "Class Period"),
alleging violations of the Securities Act of 1933 against the
Company and certain of its officers (the "Complaint").
If you purchased ADSs of YOKU during the Class Period and wish
to discuss this action or have any questions concerning this notice
or your rights or interests, please contact Timothy J. MacFall,
Esquire or Peter Allocco of
Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120,
Wilmington, DE 19803 at (888)
969-4242; by e-mail to info@rl-legal.com; or at:
http://www.rigrodskylong.com/investigations/youku-tuduo-inc-yoku.
The Complaint alleges that throughout the Class Period,
defendants made materially false and misleading statements, and
omitted materially adverse facts, about the Company's business,
operations and prospects. Specifically, the Complaint alleges
that the defendants concealed from the investing public that: (1)
the Company improperly recognized revenue for multi-element
arrangements; (2) the Company improperly recorded certain
nonmonetary transactions to exchange online broadcasting rights of
video content with other online video broadcasting companies at the
carrying values of the broadcasting rights transacted, instead of
the properly-accounted fair value; (3) the Company improperly
accounted for its licensed content as long-lived assets; (4) the
Company lacked adequate internal controls over financial reporting;
and (5) as a result of the foregoing, the Company's financial
statements were materially false and misleading at all relevant
times. As a result of defendants' false and misleading
statements, the Company's stock traded at artificially inflated
prices during the Class Period.
According to the Complaint, on March 19,
2015, the Company released its fourth quarter results
reporting a net loss of $51.3
million, compared to $4
million in the same quarter of 2013. Moreover, the
Company disclosed that the SEC is investigating certain aspects of
the Company's past accounting relating to revenue recognition for
multi-part deal, accounting of "non-monetary exchanges of licensed
content" and the classification of licensed content as long-lived
assets. The Company also announced that it is now "evaluating
the impact to its 2014 and historical financial statements."
On this news, ADSs in YOKU dropped almost 11%, closing at
$13.50 per share on March 20, 2015, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court
no later than May 25,
2015. A lead plaintiff is a representative party
acting on behalf of other class members in directing the
litigation. In order to be appointed lead plaintiff, the
Court must determine that the class member's claim is typical of
the claims of other class members, and that the class member will
adequately represent the class. Your ability to share in any
recovery is not, however, affected by the decision whether or not
to serve as a lead plaintiff. Any member of the proposed
class may move the court to serve as lead plaintiff through counsel
of their choice, or may choose to do nothing and remain an absent
class member.
While Rigrodsky & Long, P.A. did not file the Complaint in
this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates
securities class, derivative and direct actions, shareholder rights
litigation and corporate governance litigation, including claims
for breach of fiduciary duty and proxy violations in the
Delaware Court of Chancery and in
state and federal courts throughout the
United States.
Attorney advertising. Prior results do not guarantee a
similar outcome.
CONTACT:
Rigrodsky & Long, P.A.
Timothy J. MacFall, Esquire
Peter Allocco
(888) 969-4242
(516) 683-3516
Fax: (302) 654-7530
info@rl-legal.com
http://www.rigrodskylong.com
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visit:http://www.prnewswire.com/news-releases/rigrodsky--long-pa-announces-a-securities-fraud-class-action-lawsuit-has-been-filed-against-youku-tuduo-inc-300056599.html
SOURCE Rigrodsky & Long, P.A.