A lawsuit was filed on behalf of investors in Xunlei Ltd (NASDAQ:XNET) shares over alleged securities laws violations and NASDAQ:XNET investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/23/2015 -- An investor, who purchased shares of Xunlei Ltd (NASDAQ:XNET), filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Xunlei Ltd in connection with certain allegedly false and misleading statements made between June 24, 2014 and May 20, 2015.
Investors who purchased a significant amount of shares of Xunlei Ltd (NASDAQ:XNET) have certain options and for certain investors are short and strict deadlines running. Deadline: August 7, 2015. NASDAQ:XNET investors should contact the Shareholders Foundation at mail@shareholdersfoundation or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Xunlei Ltd (NASDAQ:XNET) pursuant and/or traceable to Xunlei Ltd's initial public offering on or about June 24, 2014 and/or purchasers of Xunlei Ltd (NASDAQ:XNET) on the open market between June 24, 2014 and May 20, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between June 24, 2014 and May 20, 2015 defendants made allegedly false and/or misleading statements and allegedly failed to disclose the material risk that Xunlei's strategic focus on Project Crystal and its mobility initiative would have a detrimental impact on the Company's financial condition.
On May 20, 2015, Xunlei Ltd announced its unaudited financial results for the first quarter that ended on March 31, 2015. Xunlei Ltd reported that its first quarter Revenue declined from $32.96 million in 2014 to $30.2 million in 2015 and that its first quarter Net Income declined from $4.6 million in 2014 to $2.4 million in 2015. Xunlei Ltd also issued its guidance for its second quarter 2015. Shares of Xunlei Ltd (NASDAQ:XNET) declined on May 21, 2015 to as low as $8.89 per share.
Those who purchased shares of Xunlei Ltd (NASDAQ:XNET) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego