NEW ORLEANS, April 24, 2015 /PRNewswire/ -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until May 26, 2015 to file lead plaintiff applications in a securities class action lawsuit against Youku Tudou, Inc. (NYSE: YOKU) if they purchased the Company's securities between the expanded period of May 15, 2013 and March 19, 2015, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased shares of Youku and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn ([email protected]). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by May 26, 2015.
About the Lawsuit
Youku and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On March 19, 2015, Youku released its fourth quarter results, reporting a net loss of $51.3 million, compared to $4 million in the same quarter of 2013. Youku also disclosed that the SEC is investigating certain aspects of the Company's past accounting practices relating to revenue recognition for multi-part deals, accounting of "non-monetary exchanges of licensed content" and the classification of licensed content as long-lived assets and that it is now "evaluating the impact to its 2014 and historical financial statements."
On this news, the price of Youku's shares plummeted.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
206 Covington St.
Madisonville, LA 70447
SOURCE Kahn Swick & Foti, LLC