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LOS ANGELES, Feb. 05, 2019 (GLOBE NEWSWIRE) -- The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Sogou Inc. (“Sogou” or “the Company”) (NYSE: SOGO) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company’s shares pursuant to and/or traceable to Sogou’s Initial Public Offering (“IPO”) on November 9, 2017, are encouraged to contact the firm before March 11, 2019.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall, or Sherin Mahdavian, of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at firstname.lastname@example.org.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Sogou was the subject of investigations by Chinese authorities based in part on the prevalence of counterfeit merchandise sold on the Company’s platform. At the same time, the Company’s cost of revenues was soaring due to massive increases in the cost of traffic acquisition. Sogou planned to alter its strategy to push AI as a competitive advantage, which led the Company to plan to phase out hardware products that were not AI-enabled. This transition would contribute to lower hardware revenues in the second half of 2018. Based on these facts, the Company public statements and IPO materials were false and materially misleading throughout the IPO period. When the market learned the truth about Sogou, investors suffered damages.
Join the case to recover your losses.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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The Schall Law Firm