SAN DIEGO and BEIJING, March 31,
2015 /PRNewswire/ -- Shareholder rights law firm
Robbins Arroyo LLP announces that an investor of Youku Tudou Inc.
(NYSE: YOKU) has filed a federal securities fraud class action
complaint in the U.S. District Court for the Southern District of
New York. The complaint alleges
that the company and certain of its officers and directors violated
the Securities Exchange Act of 1934 between February 27, 2014 and March 19, 2015. Youku operates as an Internet
television company in the People's
Republic of China.
View this information on the law firm's Shareholder Rights
Blog:
www.robbinsarroyo.com/shareholders-rights-blog/youku-tudou-inc
Youku Misrepresents Its Business Practices
According to the complaint, shares of Youku dropped $1.65 or 11%, to close at $13.50 on March 20,
2015, following the company's March
19, 2015 release of its 2014 fourth quarter results.
Specifically, Youku revealed a net loss of $51.3 million, compared to $4 million in the same quarter of 2013. Youku
also disclosed that it is the subject of a U.S. Securities and
Exchange Commission investigation concerning certain aspects of its
accounting practices related to: (i) revenue recognition for
multi-part deals; (ii) accounting of non-monetary exchanges of
licensed content; and (iii) the classification of licensed content
as long-lived assets. The complaint further alleges that the
company lacked adequate internal control over financial
reporting.
Youku Shareholders Have Legal Options
Concerned shareholders who would like more information about
their rights and potential remedies can contact attorney
Darnell R. Donahue at (800)
350-6003, DDonahue@robbinsarroyo.com, or via the shareholder
information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
shareholder rights law. The firm represents individual and
institutional investors in shareholder derivative and securities
class action lawsuits, and has helped its clients realize more than
$1 billion of value for themselves
and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
600 B Street, Suite 1900
San Diego, CA 92101
DDonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
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SOURCE Robbins Arroyo LLP