NEW YORK, June 19, 2018 (GLOBE NEWSWIRE) — Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that an investor class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased Gridsum Holding Inc. (NASDAQ:GSUM) (“Gridsum” or the “Company”) publicly traded American Depositary Receipts (“ADR’s”) between April 27, 2017 and April 20, 2018, inclusive (the “Class Period”).
Investors who have incurred losses in shares of are urged to contact the firm immediately at firstname.lastname@example.org or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred losses in the shares of Gridsum Holding Inc. and would like to assist with the litigation process as a lead plaintiff, you may, no later than June 25, 2018, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Gridsum Holding Inc.
Gridsum is a holding company that designs and develops sophisticated data analysis software for multinational and domestic enterprises and government agencies in China. The Company offers software that allows customers to collect and analyze information that is collected, indexed, and stored in an organized manner.
The filed Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:
- Gridsum lacked effective internal control over financial reporting;
- 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
- as a result of the foregoing, Gridsum’s public statements were materially false and misleading at all relevant times.
On April 23, 2018, Gridsum issued a press release entitled “Gridsum Reports Suspension of Audit Report on Financial Statements,” announcing that its “audit report for the Company’s financial statements for the year ended December 31, 2016 should no longer be relied upon.”
According to the press release, Gridsum’s auditor identified certain issues in conducting its audit of Gridsum’s financial results for the year ended December 31, 2017. Those issues related to “certain revenue recognition, cash flow, cost, expense items, and their underlying documentation which [the auditor] had previously raised” with Gridsum.
On this news, Gridsum’s American Depositary Receipt fell $1.17, or 16.04%, to close at $6.12 on April 23, 2018.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at email@example.com, or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: firstname.lastname@example.org, email@example.com or firstname.lastname@example.org
Tel: (800) 575-0735 or (212) 545-4774
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