LOS ANGELES–(BUSINESS WIRE) – Schall law firm, a national law firm specializing in shareholder rights, has announced it has filed a class action lawsuit against Qutoutiao Inc. ("Qutoutiao" or "the Company") (NASDAQ: QTT) for violations of the Federal Securities Act.
Investors who bought the Company's shares as part of the Company's IPO in September 2018 (“IPO”) and / or who are traceable; and / or (2) between September 14, 2018 and July 15, 2020 inclusive (the “Class Period”), it is recommended that you contact the Company before October 19, 2020.
If you are a shareholder who has suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 310-301-3335 to discuss your rights at no charge. You can also contact us on the company's website at www.schallfirm.com or by email at email@example.com.
In this case, the class has not yet been certified and you will not be represented by a lawyer until certification. If you don't take action, you can remain an absent class member.
According to the complaint, the company made false and misleading statements to the market. Qutoutiao has installed a related party as an advertising agency, removing control over the quality and content of advertising by third parties. Ads were shown on the company's mobile app that are considered false advertisements under applicable regulations. Due to the regulatory scrutiny the company is likely to face in relation to such advertisements, revenue would decline. Because of these facts, the company's public statements were false and materially misleading throughout the teaching period. When the market learned the truth about Qutoutiao, investors suffered damage.
Join the case to make up for your losses.
Schall law firm represents investors around the world and specializes in class action and shareholder disputes.
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