An investigation for investors in Qutoutiao Inc. (NASDAQ:QTT) shares over potential securities laws violations by Qutoutiao Inc. was announced.
San Diego, CA -- (SBWIRE) -- 08/11/2020 -- An investigation on behalf of investors of Qutoutiao Inc. (NASDAQ: QTT) shares over potential securities laws violations by Qutoutiao Inc. in connection with certain financial statements was announced.
Investors who purchased shares of Qutoutiao Inc. (NASDAQ: QTT), have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Qutoutiao Inc. (NASDAQ: QTT) concerning whether a series of statements by Qutoutiao Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
China based Qutoutiao Inc. operates mobile platforms for the distribution, consumption, and sharing of light entertainment content in the People's Republic of China.
On or around September 14, 2018, Qutoutiao Inc commenced its initial public offering ("IPO"), issuing 12 million American depositary shares ("ADSs") priced at $7.00 per ADS.
Qutoutiao Inc. reported that its annual Total Revenue rose from over 3.02 billion CNY in 2018 to over 5.57 billion CNY in 2019, and that its Net Loss increased from 1.94 billion in 2018 to 2.68 billion in 2019.
Shares of Qutoutiao Inc. (NASDAQ: QTT) declined to as low as $2.26 per share in May 2020.
Then, on July 15, 2020, hosts of a consumer-rights gala in China stated that Qutoutiao had allowed ads on its platform promoting exaggerated or impossible claims from companies marketing weight-loss products. For example, one such ad offered free weight-loss products valued at $14,300 that would purportedly help users lose more than 30 pounds in a month.
Those who purchased shares of Qutoutiao Inc. (NASDAQ: QTT) have certain options and should contact the Shareholders Foundation.
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