AP NEWS

Kuznicki Law PLLC Announces Class Actions on Behalf of Shareholders of SOGO, YRIV, SNAP and MAXR

January 30, 2019

CEDARHURST, New York, Jan. 30, 2019 (GLOBE NEWSWIRE) -- The securities litigation law firm of Kuznicki Law PLLC issues the following notice on behalf of shareholders of the following publicly traded companies. Shareholders who purchased shares in these companies during the dates listed below are encouraged to contact the firm regarding possible appointment as lead plaintiff and a preliminary estimate of their recoverable losses.

If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No classes have yet been certified in the actions below. Appointment as lead plaintiff is not required to partake in any recovery.

Sogou Inc. (NYSE: SOGO)A class action has commenced on behalf of shareholders in Sogou Inc. who purchased American Depositary Shares pursuant and/or traceable to Sogou’s false and misleading Registration Statement and Prospectus issued in connection with the Company’s initial public offering on November 9, 2017. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (i) Chinese regulators were analyzing Sogou for regulatory action because of an increase in Sogou merchants’ sales of counterfeit goods; (ii) Chinese regulators were analyzing Sogou for regulatory action because Sogou’s existing software, advertising procedures, personnel, and audit procedures were insufficient to safeguard against compliance violations with governing Chinese regulations, and would need to be updated, enhanced, and strengthened, thus resulting in increased expenses; (iii) Sogou’s cost of revenues were skyrocketing primarily because of significant increases in Traffic Acquisition Cost, which is a primary driver of Sogou’s cost of revenues, as Sogou was dealing with significant price inflation from increased competition; (iv) Sogou was going to alter its strategy concerning smart hardware and push the Company’s AI capabilities to increase product competitiveness; (v) as a result of altering its smart hardware strategy, Sogou had already decided to phase out non-AI-enabled hardware products, such as legacy models of Teemo Smart Watch, and transition to use products integrating AI technologies, which Sogou hoped would reduce its hardware revenue in the second half of 2018; and (vi) as a result of the foregoing, Sogou’s public statements were materially false and misleading at all relevant times.

Shareholders may find more information at https://kseclaw.com/securities/sogou-inc/?wire=3

Yangtze River Port and Logistics Limited (NASDAQGS: YRIV)A class action has commenced on behalf of shareholders in Yangtze River Port and Logistics Limited who purchased shares between February 2, 2016 and December 5, 2018. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Yangtze’s purported lease of the Wuhan Yangtze River Newport Logistics Center, the Company’s main asset, was a fabrication; (2) Yangtze’s only operating subsidiary, Wuhan Newport, was declared insolvent in China due to a number of default judgments against it; and (3) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Shareholders may find more information at https://kseclaw.com/securities/yangtze-river-port-and-logistics-limited/?wire=3

Snap Inc. (NYSE: SNAP)A class action has commenced on behalf of shareholders in Snap Inc. who purchased shares (1) pursuant and/or traceable to Snap’s Registration Statement and Prospectus, issued in connection with the Company’s initial public offering on or about March 2, 2017; and/or (2) between March 2, 2017 and August 10, 2017. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Snap’s reported user growth was materially false and misleading; and (2) consequently, Snap’s public statements were materially false and misleading at all relevant times.

Shareholders may find more information at https://kseclaw.com/securities/snap-inc/?wire=3

Maxar Technologies Inc. (NYSE: MAXR)A class action has commenced on behalf of shareholders in Maxar Technologies Inc. who purchased shares between March 29, 2018 and January 7, 2019. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (i) Maxar improperly inflated the value of its intangible assets, among other accounting improprieties; (ii) Maxar’s highly-valued WorldView-4 was equipped with CMGs that were faulty and/or ill-suited for their designed and intended purpose; and (iii) as a result, Maxar’s public statements were materially false and misleading at all relevant times.

Shareholders may find more information at https://kseclaw.com/securities/maxar-technologies-inc/?wire=3

Kuznicki Law PLLC is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a Company lead to artificial inflation of the Company’s stock.

CONTACT:Kuznicki Law PLLCDaniel Kuznicki, Esq.445 Central Avenue, Suite 334Cedarhurst, NY 11516Email: dk@kclasslaw.com Phone: (347) 696-1134Cell: (347) 690-0692Fax: (347) 348-0967

AP RADIO
Update hourly