A settlement was reached with the defendants in the lawsuit filed on behalf of certain investors of iDreamSky Technology Limited (ADS) (NASDAQ: DSKY) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on March 20, 2018 and NASDAQ: DSKY investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/28/2018 -- A deadline is coming up on March 20, 2018 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of iDreamSky Technology Limited (ADS) (NASDAQ: DSKY) between August 7, 2014 and March 13, 2015.
Investors who purchased a significant amount of shares of iDreamSky Technology Limited (ADS) (NASDAQ: DSKY) between August 7, 2014 and March 13, 2015, have certain options and should contact the Shareholders Foundation by email at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the iDreamSky Technology Limited (ADS) (NASDAQ: DSKY) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/idreamsky-technology-limited-ads-nasdaq-dsky-investor-securities-class-action-lawsuit-04022015
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is March 20, 2018. The class action administrator for this case is Strategic Claims Services.
The lawsuit was originally filed in the U.S. District Court for the Southern District of New York against iDreamSky Technology Limited over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made in connection with the Company's initial public offering on or about August 7, 2014 and between August 8, 2014 and March 13, 2015.
According to the complaint the plaintiff alleges on behalf of investors of American Depositary Shares (ADS) of iDreamSky Technology Limited (NASDAQ: DSKY) who purchased or otherwise acquired ADS pursuant and/or traceable to the Company's Registration Statement and Prospectus issued in connection with iDreamSky Technology Limited's initial public offering on or about August 7, 2014 and/or on the open market between August 8, 2014 and March 13, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose that iDreamSky Technology Limited had overstated its ability to monetize its user base and effectively integrate its distribution channels, that, as a result,iDreamSky Technology Limited had to lower its earnings guidance, and that, as a result of the foregoing, iDreamSky Technology Limited's statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis.
Those who purchased shares of iDreamSky Technology Limited (ADS) (NASDAQ: DSKY) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com