Law Offices of Howard G. Smith reminds investors of the June 25,
2018 deadline to file a lead plaintiff motion in the class action
filed on behalf of investors that purchased Gridsum Holding Inc.
(“Gridsum” or the “Company”) (NASDAQ: GSUM)
securities between April 27, 2017 through April 20, 2018, inclusive
(the “Class Period”). Gridsum investors have until June 25, 2018 to
file a lead plaintiff motion.
Investors suffering losses on their Gridsum investments are encouraged
to contact the Law Offices of Howard G. Smith to discuss their legal
rights in this class action at 888-638-4847 or by email to email@example.com.
The complaint filed in this class action alleges that, Defendants during
the Class Period made materially false and/or misleading statements
and/or failed to disclose that: (1) Gridsum lacked effective internal
controls 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.
On April 23, 2018, Gridsum issued a press release announcing that its
independent registered public accounting firm, PricewaterhouseCoopers
Zhong Tian LLP (“PwC”), notified the Company’s Board of Directors and
Audit Committee that PwC’s audit report for fiscal year 2016 should no
longer be relied upon. PwC identified certain issues related to revenue
recognition, cash flow, cost, expense items, and their underlying
documentation. In connection with these developments, the Company
claimed that it estimates a 2016 revenue impact of approximately RMB
2 million and a 2016 expense impact of approximately RMB 6 million.
On this news, Gridsum’s share price fell $1.17 per share, or 16%, on
April 23, 2018, thereby injuring investors.
If you purchased shares of Gridsum during the Class Period you may move
the Court no later than June 25, 2018 to ask the Court to
appoint you as lead plaintiff. To be a member of the Class you need not
take any action at this time; you may retain counsel of your choice or
take no action and remain an absent member of the Class. If you wish
to learn more about this action, or if you have any questions concerning
this announcement or your rights or interests with respect to these
matters, please contact Howard G. Smith, Esquire, of Law Offices of
Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania
19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by
email to firstname.lastname@example.org,
or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180615005660/en/