NEW YORK, April 7, 2020 /PRNewswire/ -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of DouYu International Holdings Limited ("DouYu" or the "Company") (NASDAQ: DOYU) pursuant and/or traceable to the Company's Registration Statement issued in connection with the Company's July 26, 2019 initial public offering (the "IPO" or the "Offering"). The lawsuit was filed in the United States District Court for the Central District of California and alleges violations of the Securities Act of 1933.
If you purchased DouYu securities, and/or would like to discuss your legal rights and options please visit DouYu Shareholder Class Action or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected].
The Complaint alleges that the Defendants made false and/or misleading statements and/or failed to disclose that: (1) DouYu's risks related to its top streamers had materialized, including that: (a) a top streamer was actively misrepresenting herself on DouYu's platform; and (b) the costs associated with retaining top streamers was swelling; (2) DouYu did not ensure that all of its products were fully compliant with current regulatory requirements before those products became available on line; and (3) key interactive features of DouYu's "lucky draw" were noncompliant with current regulatory requirements, requiring DouYu to remove them from operations, which negatively impacted user engagement activity and caused disappointing financial results.
If you wish to serve as lead plaintiff, you must move the Court no later than May 26, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased DouYu securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/douyuinternationalholdingslimited-doyu-shareholder-class-action-lawsuit-stock-fraud-270/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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