An investigation on behalf of current long term investors in Qutoutiao Inc. (NASDAQ:QTT) shares over possible breaches of fiduciary duty by certain officers and directors was announced.
San Diego, CA -- (SBWIRE) -- 11/19/2020 -- Certain directors of Qutoutiao Inc. are under investigation concerning potential breaches of fiduciary duties.
Investors who are current long term investors in Qutoutiao Inc. (NASDAQ: QTT) shares, have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm for investors in NASDAQ: QTT stocks follows a lawsuit filed against Qutoutiao Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ: QTT stocks, concerns whether certain Qutoutiao directors are liable in connection with the allegations made in that lawsuit.
The plaintiff alleges that the Defendants failed to disclose to investors: (1) that Qutoutiao replaced its advertising agent with a related party, thereby bypassing third-party oversight of the content and quality of the advertisements; (2) that the Company placed advertisements on its mobile app for products whose claims could not be substantiated and thus were considered false advertisements under applicable regulations; (3) that, as a result, the Company would face increasing regulatory scrutiny and reputational harm; (4) that, as a result, the Company's advertising revenue was reasonably likely to decline; and (5) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
Those who purchased shares of Qutoutiao Inc. (NASDAQ: QTT) have certain options and should contact the Shareholders Foundation.
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