NEW YORK, March 25, 2015 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A., a global investor rights law firm, announces that a class action lawsuit has been filed on behalf of purchasers of the securities of Youku Tudou, Inc. (NYSE:YOKU) between February 27, 2014 and March 19, 2015, inclusive. The lawsuit seeks to recover investors' losses under the federal securities laws.
To join the Youku Tudou class action, visit the firm's website at http://www.rosenlegal.com/cases-555.html, or contact Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or via email at pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
The lawsuit alleges that Defendants made false and/or misleading statements and/or failed to disclose that Youku Tudou: (i) improperly recognized revenue for multi-element arrangements; (ii) improperly recorded certain nonmonetary transactions to exchange online broadcasting rights of video content with other online video broadcasting companies; (iii) improperly accounted for its licensed content; (iv) lacked adequate internal controls over its financial reporting; and (v) as a result, its financial statements were materially false and misleading at all relevant times. When the truth was revealed to investors, the price of Youku Tudou securities fell, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than May 25, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-555.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll-free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.