NEW YORK, April 23, 2018 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Gridsum Holding Inc. ("Gridsum" or the "Company") (NASDAQ: GSUM). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Gridsum and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On April 23, 2018, Gridsum issued a press release announcing that its "audit report for the Company's financial statements for the year ended December 31, 2016 should no longer be relied upon." According to the press release, Gridsum's auditor identified certain issues in conducting its audit of Gridsum's financial results for the year ended December 31, 2017. Those issues related to "certain revenue recognition, cash flow, cost, expense items, and their underlying documentation which [the auditor] had previously raised" with Gridsum. On this news, Gridum's American depositary receipt price fell $1.17, or 16.05%, to close at $6.12 on April 23, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
888-476-6529 ext. 9980
SOURCE Pomerantz LLP