NEW YORK, April 23, 2018 /PRNewswire/ -- Bernstein Liebhard LLP is investigating potential securities fraud claims on behalf of shareholders of Gridsum Holding Inc. ("Gridsum" or the "Company") (NASDAQ: GSUM). If you purchased Gridsum securities, and/or have information relating to this matter, please visit www.bernlieb.com/Gridsum_Holding_Inc. or contact Daniel Sadeh toll free at (877) 779-1414 or [email protected].
On April 23, 2018, Gridsum issued a press release stating that its auditor's "audit report for the Company's financial statements for the year ended December 31, 2016 should no longer be relied upon" by investors. During its audit of the Company's financial results for the year ended December 31, 2017, the Company's auditor identified issues relating "to certain revenue recognition, cash flow, cost and expense items, and their underlying documentation which PwC had previously raised with the Company." Gridsum stated that "[t]he Company's Audit Committee is fully investigating these issues" and "the Company's 20-F filing will be delayed until such audit is completed." On this news, Gridsum's stock fell sharply during intraday trading on April 23, 2018.
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