NEW YORK, Jan. 24, 2019 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Qihoo 360 Technology ("Qihoo" or the "Company") (NYSE:QIHU) of the March 18, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Qihoo stock or options between January 11, 2016 and July 15, 2016 and would like to discuss your legal rights, click here: www.faruqilaw.com/QIHU. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
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The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Qihoo American Depository Shares ("ADSs") between January 11, 2016 and July 15, 2016 (the "Class Period"). The case, ODS Capital LLC v. Qihoo 360 Technology Co. Ltd. et al, No. 19-cv-00501 was filed on January 17, 2019, and has been assigned to Judge Paul A. Engelmayer.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose: (1) that the Company's Proxy materials and Annual Report misrepresented and/or omitted material information that was necessary for Company shareholders to make an informed decision concerning whether to vote in favor of the Merger; (2) that contrary to the representations in the Proxy and the Annual Report, the Company already had plans to relist its shares in China prior to closing the Merger and its delisting from the NYSE; and (3) as a result, the Company's statements about its business, operations, and prospects lacked a reasonable basis.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Qihoo's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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