NEW YORK, April 25, 2018 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Gridsum Holding Inc. (“Gridsum” or the “Company”) (Nasdaq:GSUM) in the United States District Court for the Southern District of New York on behalf of a class consisting of investors who purchased or otherwise acquired Gridsum securities on the open market from April 27, 2017 through April 20, 2018, inclusive (the “Class Period”), seeking to recover compensable damages caused by Defendants’ violations of the Securities Exchange Act of 1934.
The Complaint alleges Defendants during the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) Gridsum lacked effective internal control over financial reporting; (2) consequently, Gridsum’s financial statements were inaccurate and misleading, and did not fairly present, in all material respects, the financial condition and results of operations of the Company; and (3) as a result of the foregoing, Gridsum’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the June 25, 2018 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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