BOSTON, April 23, 2018 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, is investigating whether Gridsum Holding Inc. ("Gridsum" or the "Company") (Nasdaq: GSUM) and certain of its officers and directors violated federal securities laws.
Gridsum Holdings today announced that the company's independent registered public accountant, PricewaterhouseCoopers, "notified the Company's Board of Directors and Audit Committee that PwC's audit report for the Company's financial statements for the year ending December 31, 2016 should no longer be relied upon." The Company further announced that its accountants identified "certain issues" pertaining to "revenue recognition, cash flow cost and expense items, and their underlying documentation."
On this news, Gridsum shares fell by more than 25%, wiping out tens of millions of dollars of market capitalization.
If you purchased or otherwise acquired Gridsum securities and have questions about your legal rights or possess information relevant to this investigation, you are encouraged to contact attorney Jacob Walker at (617) 398-5600, by email at [email protected], or by visiting www.blockesq.com/gridsum.
Confidentiality to whistleblowers or others with information relevant to this investigation is assured.
Block & Leviton LLP is a Boston-based law firm representing investors nationwide. The firm's lawyers have collectively been prosecuting securities cases on behalf of individual and institutional investors for over 50 years and have recovered billions of dollars on their behalf. Block & Leviton's investigations into corporate wrongdoing were recently covered by the New York Times.
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