WeissLaw LLP Files Securities Class Action Against iDreamSky Technology Limited (NASDAQ: DSKY), Its Directors and IPO Underwriters
Less than 4 Weeks Remain for Lead Plaintiff Deadline
NEW YORK, May 5, 2015 /PRNewswire/ -- A securities class action was filed today by WeissLaw LLP in the Southern District of New York, Jeremias et al. v. iDreamSky Technology Ltd. et al., 15-cv-03484, seeking damages and rescission of the IPO of iDreamSky American Depository Shares ("ADSs") on August 7, 2014, and for purchasers of DSKY's ADSs on the open market through March 23, 2015.
On March 23, 2015, iDreamSky disclosed, contrary to the representations made in its IPO Registration Statement and Prospectus, that it experienced complicated financial record reconciliation and reduced monetization due to billing code issues, significant embedded operational and financial difficulties from unpredictable and delayed source code receipt for the launch of games, and reduced monetization due to distribution platform competition. Following its announcement, the Company's target price was downgraded from $24.00 to $9.00 per ADS, representing a reduction of more than sixty percent (60%). Furthermore, only a mere two reporting periods post-IPO, DSKY's ADSs are trading well below their $15.00 offering price.
The deadline for investors having significant realized or unrealized losses to serve as lead plaintiff is June 1, 2015. These investors are encouraged to contact WeissLaw LLP for more information about their rights or to share information. Please contact Mark Smilow by telephone at (212) 682-3025, (888) 593-4771 or by email at [email protected].
Contact:
WeissLaw LLP
Mark D. Smilow
1500 Broadway
New York, NY 10036
212.682.3025
www.weisslawllp.com
[email protected]
SOURCE WeissLaw LLP
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