Qutoutiao Inc. (QTT)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Qutoutiao Inc. ("Qutoutiao" or "the Company") (NASDAQ: QTT). The investigation concerns whether Qutoutiao and certain of its officers and/or directors have violated federal securities laws.
On or around September 14, 2018, Qutoutiao commenced its initial public offering (“IPO”), issuing 12 million American depositary shares (“ADSs”) priced at $7.00 per ADS. Then, on July 15, 2020, hosts of a consumer-rights gala in China stated that Qutoutiao had allowed ads on its platform promoting exaggerated or impossible claims from companies marketing weight-loss products. For example, one such ad offered free weight-loss products valued at $14,300 that would purportedly help users lose more than 30 pounds in a month. On this news, the Company’s ADS price fell $0.85 per ADS, or 23%, to close at $2.84 per ADS on July 16, 2020.
If you are aware of any facts relating to this investigation, or purchased Qutoutiao shares, you can assist this investigation by contacting the firm. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.