NEW YORK, April 12, 2020 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of DouYu International Holdings Limited ("DouYu" or the "Company") (NASDAQ: DOYU). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether DouYu and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
In July 2019, DouYu completed its initial public offering ("IPO"), issuing 67,387,110 American Depositary Shares ("ADSs") priced at $11.50 per ADS. Then, in a series of disclosures in the months following the IPO, it became apparent that certain of DouYu's risks related to its top streamers had materialized; that the Company had failed to ensure that all of its products were fully compliant with current regulatory requirements before they became available online; and that key interactive features of DouYu's "lucky draw" were non-compliant, requiring DouYu to remove them from operations, which negatively impacted user engagement activity and caused disappointing financial results.
Since the IPO, DouYu's ADSs have traded as low as $6.50 per share, representing a decline of more than 43% from the offering price.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 9980
