BOSTON, April 20, 2015 /PRNewswire/ -- Block &
Leviton LLP has filed a class action lawsuit against Youku Tudou
Inc. ("Yoku" or the "Company") (NYSE: YOKU) following the
Company's announcement disclosing that the Company had received and
responded to queries from the SEC regarding certain accounting
treatment adopted by the Company in its historical financial
statements. The lawsuit was filed in the Southern District of
New York and is captioned Jahm
v. Youku Tudou Inc., number 15 CV 2875. The lawsuit
affects all investors in Yoku securities purchased between
May 15, 2013, and March 19, 2015.
On March 19, 2015, Yoku announced
that had received and responded to queries from the SEC regarding
certain accounting treatment adopted by the Company in its
historical financial statements. As a result, the Company is
attempting to resolve the SEC's comments and intends to file its
2014 Form 20-F by the end of April
2015.
The stock fell from a closing price of $15.15 on Thursday, March
19, 2015, to close at $13.50
on March 20, 2015, a drop of
approximately 9%, on extremely high volume. Shares of the
Company continued to fall in the weeks following the announcement,
closing at just $12.36 on
March 30, 2015, representing a total
drop of over 18%. The loss of market value was approximately
$365 million.
If you wish to serve as a lead plaintiff, you must move the
Court no later than May 26, 2015.
As a member of the class, you may seek to file a motion to
serve as a lead plaintiff or take no action and remain an absent
class member. If you have questions about your legal rights, would
like a copy of the complaint or if you have information relevant to
this lawsuit, please contact either attorney Steven P. Harte or Mark
A. Delaney of Block & Leviton LLP, www.blockesq.com, at
(617) 398-5600 or at Steven@blockesq.com and Mark@blockesq.com,
respectively.
Confidentiality to whistleblowers or others with information
relevant to the lawsuit is assured.
This notice may constitute attorney advertising.
Contact: BLOCK & LEVITON LLP
Steven P. Harte, Esq.
Mark A. Delaney
(617) 398-5600
Steven@blockesq.com
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SOURCE Block & Leviton LLP