An investigation on behalf of investors in CooTek (Cayman) Inc. (NYSE:CTK) shares over potential wrongdoing at CooTek (Cayman) Inc was announced.
San Diego, CA -- (SBWIRE) -- 08/11/2021 -- Certain directors of CooTek (Cayman) Inc. are under investigation over potential breaches of fiduciary duties.
Investors who purchased shares of CooTek (Cayman) Inc. (NYSE: CTK) 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 concerns whether certain CooTek (Cayman) Inc. directors breached their fiduciary duties and caused damage to the company and its shareholders.
China based CooTek (Cayman) Inc. operates as an artificial intelligence (AI) and big data-driven mobile Internet company in the United States and internationally. On July 16, 2019, it was reported that Google removed around 60 apps developed by CooTek from its Play store and banned the company from its advertising platform, Google Admob, for allegedly engaging in alleged malicious ad practices.
Then, on December 15, 2020, CooTek (Cayman) Inc. announced its unaudited financial results for the third quarter of 2020. CooTek (Cayman) Inc. disclosed an operating loss of $1.1 million, which the Company stated "mainly relates to compensation payment to victims of alleged misconducts of certain third-party advertisers perpetrated on the Group's platform that the Group deposited to an escrow account controlled by a local authority conducting investigation on the advertisers."
Then, on June 3, 2021, CooTek (Cayman) Inc k announced its unaudited financial results for the first quarter of 2021. CooTek (Cayman) Inc disclosed, among other results, non-GAAP earnings per share of -$0.18, missing consensus estimates by $0.02.
Shares of CooTek (Cayman) Inc. (NYSE: CTK) declined to as low as $1.75 per share on June 3, 2021.
Those who purchased shares of CooTek (Cayman) Inc. (NYSE: CTK) have certain options and should contact the Shareholders Foundation.
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