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The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of DouYu International Holdings Limited (NASDAQ: DOYU) who purchased stock in the initial public offering pursuant and/or traceable to the documents used by defendants to conduct the initial public offering. The action, which was filed in the United States District Court for the Central District of California, alleges that the Company violated federal securities laws.
In particular, the DouYu lawsuit alleges that as of the initial public offering: (i) DouYu’s risks related to its top streamers had materialized, including that: (a) a top streamer was actively misrepresenting herself on DouYu’s platform;and (b) costs associated with retaining top streamers was swelling; (ii) DouYu did not ensure that all of its products were fully compliant with current regulatory requirements before those products became available online; and (iii) key interactive features of DouYu’s “lucky draw”were non-compliant with current regulatory requirements.
Shareholders have until May 26, 2020 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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