Keywords: Giants giant network collective action
The world brand lab report: comparison of a duck in the Chinese market, Shi Yuzhu giant network takes more time to adapt to Wall Street. Now they are in trouble. Under the NYSE website news, a 27-United States law firm announced on giant network as well as specific executives and directors of collective proceedings, the accused them of concealed in pre-IPO stock prices can affect key information. But the giant area immediately denied all the allegations, "we will actively responding."
Share price from the first day of listing have fallen by 36%
Prosecution was a giant in the November 19 show results disclosed, giant's online game "journey" in the third quarter average while online players (ACU), and the maximum number of players online simultaneously (PCU) is declining. And investors believe that their early before the giant's listing should be aware that some negative messages, because it happened in giant listing one month prior to the listing application form and a giant in the prospectus on this silent.
The plaintiff side law firm Coughlin Stoia Geller United States Rudman & Robbins said that they represent in the November 1 to November 19 purchased giant network between the United States depository of all investors. Giant network on 1 November, the day the highest price $ 18.25, but its latest stock price only $ 11.61, decrease up to 36%. In fact, in a giant network of fiscal report was released, its stock price has been seen, there are investors feel cheated. However, the closing price yesterday Giants $ 11.90, rising 2.5% on the same day.
The law firm of allegations that the giant network as well as specific executives and directors in violation of the United States in 1933 Securities Act, the law on business critical information disclosure have strict requirements, and the giant clearly does not meet this standard. United States investors would have on the distant China's online games companies lack of understanding, not to mention the company did not demonstrate sufficient data.
Giant denies conceal
Giant network press spokesman Tang min, interview, in addition to the emphasis will actively respond to the points. First, a giant network in prospectuses where the number of related, which clearly disclosed in the prospectus section 1 and section 85 page has disclosed ACU, PCU as at the end of September, p.94 disclosed the number of curves. Secondly, the prospectus published online number of players and third-quarter report published online number of players.
Giant network CEO Liu in the interpretation of the third quarter of the fiscal time indicated that, although the ACU and PCU's data has a little fall, but the Giants believe more important indicator of the two operations are growing. A number of players are active billing, APC in the third quarter continues to grow, reaching 131 million, compared to the second quarter increased 5.6%. Another very important operational data ARPU (average revenue per player) values, ARPU third quarter than last quarter increased 3.3%. Liu Wei, a giant network that both data on the company's revenues and profits is even more important data.
A giant network that the journey, at the same time online in May of this year has exceeded 100 million, then hit the "play money" and should result in the company while online number fell to 80 million. Starting from the third quarter, the population began to rebound, Max 88.8 million, a large number of players has risen to return by 96 million, again close to Unitel.
"United States investors an unhappy they prosecute"
A venture capital industry experienced professionals to reporters: "don't be too surprised, giant share price falls, United States investors an unhappy love, it often occurs. "In fact, in the United States listing of air network in 2004 had encountered similar lawsuits against, and, ultimately, because it is the concealed information, and even of the same law firm.
Analysts believe that such action does not usually affect the development of enterprises, but once someone has won, giant's compensation is inevitable. By Convention, the defendant companies and investors to discuss compensation attorneys, primarily on the basis of a given period of time to buy and sell stock price differences.
Or the law firm has been a focus
The world brand laboratory reports: as the third-quarter gross margin decline, but possible thus focus media face a lawsuit. A message tells me that yesterday, has just sued the giant network United States representative the same firm announced recently on November 7 in focus media second public sale of shares in the United States depository shares purchased investors, to the southern regions of New York, United States District Court to lift the collective action. Yesterday's focus media is not denied that the message, but that "no comment" now.
Currently, the action has not yet entered the real ' stage. But if the law firm to obtain a sufficient number of investors, the proceedings would be likely to real cases. According to the indictment has been open to the public, the law firm of main allegations focus media and internal officers and directors violated the United States in 1933 Securities Act. Daily economic news
Background information
The firm specializes in class action lawsuit fight
Public information displays, "Coughlin Stoia Geller Rudman & Robbins" (hereinafter referred to as csgrr) law firm in the investors group has extensive litigation experience, specializing in securities litigation cases, its agents, agent one with scores of similar cases.
In recent years including Dell, Yahoo, UT Starcom, Ericsson, sky net, China Aviation oil, Ebay, etc. successively due to various reasons were collective action initiated by csgrr. For the month of November, in its 52 collective proceedings except a few get paid
Settlements outside most proceedings are pending.The law firm of a famous case is for Enron fraud victims restore 72 billion of losses.
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