BOSTON, April 20, 2015 /PRNewswire/ -- Block & Leviton LLP has filed a class action lawsuit against Youku Tudou Inc. ("Yoku" or the "Company") (NYSE: YOKU) following the Company's announcement disclosing that the Company had received and responded to queries from the SEC regarding certain accounting treatment adopted by the Company in its historical financial statements. The lawsuit was filed in the Southern District of New York and is captioned Jahm v. Youku Tudou Inc., number 15 CV 2875. The lawsuit affects all investors in Yoku securities purchased between May 15, 2013, and March 19, 2015.
On March 19, 2015, Yoku announced that had received and responded to queries from the SEC regarding certain accounting treatment adopted by the Company in its historical financial statements. As a result, the Company is attempting to resolve the SEC's comments and intends to file its 2014 Form 20-F by the end of April 2015.
The stock fell from a closing price of $15.15 on Thursday, March 19, 2015, to close at $13.50 on March 20, 2015, a drop of approximately 9%, on extremely high volume. Shares of the Company continued to fall in the weeks following the announcement, closing at just $12.36 on March 30, 2015, representing a total drop of over 18%. The loss of market value was approximately $365 million.
If you wish to serve as a lead plaintiff, you must move the Court no later than May 26, 2015. As a member of the class, you may seek to file a motion to serve as a lead plaintiff or take no action and remain an absent class member. If you have questions about your legal rights, would like a copy of the complaint or if you have information relevant to this lawsuit, please contact either attorney Steven P. Harte or Mark A. Delaney of Block & Leviton LLP, www.blockesq.com, at (617) 398-5600 or at [email protected] and [email protected], respectively.
Confidentiality to whistleblowers or others with information relevant to the lawsuit is assured.
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Contact: BLOCK & LEVITON LLP
Steven P. Harte, Esq.
Mark A. Delaney
SOURCE Block & Leviton LLP