NEW YORK, May 21, 2015 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Xunlei Limited ("Xunlei" or the "Company") (NASDAQ: XNET). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 237.
The investigation concerns whether Xunlei and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On May 20, 2015, the Company reported first quarter 2015 earnings results which include the following among other items: "total revenues were US$30.2 million, an 8.4% decrease from the corresponding period of last year and a 14.9% decrease from the previous quarter; Subscription revenues were US$21.2 million, a 14.7% decrease from the corresponding period of last year and an 8.5% decrease from the previous quarter.; operating loss was US$1.4 million, compared with operating income of US$3.8 million in the corresponding period of last year and operating income of US$1.2 million in the previous quarter.; non-GAAP operating income was US$0.8 million, compared with US$4.9 million in the corresponding period of last year and $3.7 million in the previous quarter; and in March 2015, the Company decided to dispose of its entire stake in Xunlei Kankan, its online video streaming business."
On this news, shares of Xunlei Limited fell $1.84 per share to $9.56, or more than 16.14%, in intraday trading on May 21, 2015.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles 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