NEW YORK, April 24, 2014 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of SINA Corporation ("SINA" or the "Company") (NasdaqGS: SINA). Investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 237.
The investigation concerns whether SINA and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On April 24, 2014, the Chinese government, in a crackdown on "lewd and pornographic" content, revoked two of the Company's online publication and distribution licenses, China official media reported.
The National Office Against Pornographic and Illegal Publications said tips from the public led to the discovery of 20 articles and four videos on the sites that violated regulations. "Some of these articles were as long as 500-plus chapters and clocked millions of clicks . . . imperiling social morals and seriously harming minors' physical and mental health," the statement said, according to a report published by the Los Angeles Times.
On this news, shares of SINA fell $2.25, or more than 4.22%,, on intraday trading to $51.02, on unusually heavy trading volume, on April 24, 2014.
The Pomerantz Firm, with offices in New York, Chicago, San Diego, and Florida, 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 70 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
SOURCE Pomerantz LLP