HUAZHU LEAD PLAINTIFF DEADLINE ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $100,000 In Huazhu Group Limited To Contact The Firm
NEW YORK, Nov. 28, 2018 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Huazhu Group Limited (“Huazhu” or the “Company”) (NASDAQ:HTHT) of the December 7, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Huazhu stock or options between May 14, 2018 and August 28, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/HTHT. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
CONTACT: FARUQI & FARUQI, LLP 685 Third Avenue, 26th Floor New York, NY 10017Attn: Richard Gonnello, Esq.firstname.lastname@example.orgTelephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased Huazhu securities between May 14, 2018 and August 28, 2018 (the “Class Period”). The case, Hayes v. Huazhu Group Ltd. et al, No. 18-cv-08633 was filed on October 8, 2018 and has been assigned to Judge Dale S. Fischer.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) the Company lacked adequate security measures to protect customer information; (2) as a result, the Company would be susceptible to increased litigation risk and higher expenses; and (3), as a result of the foregoing, the Company’s goodwill would potentially suffer, leading to lower revenues.
Specifically, on August 28, 2018, Reuters reported that Chinese police had been alerted to a possible data breach by the Company and were investigating a possible leak of client information. Additionally, Xinhua reported that “nearly 500 million pieces of information related to the hotel group’s customers” had been posted online.
On this news, Huazhu’s share price fell from $35.53 per share on August 27, 2018 to a closing price of $33.98 on August 28, 2018—a $1.55 or a 4.36% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Huazhu’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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