NEW YORK, June 25, 2018 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Gridsum Holding Inc. (“Gridsum” or the “Company”) (Nasdaq:GSUM) in the United States District Court for the Southern District of New York on behalf of a class consisting of investors who purchased or otherwise acquired Gridsum securities pursuant or traceable to the Company’s Registration Statement and Prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s Initial Public Offering (the “IPO”) which commenced on or about September 22, 2016 and all persons or entities who purchased Gridsum shares from September 22, 2016 through April 20, 2018 (“Class Period”). Plaintiff seeks to pursue remedies against Defendants under §§ 10(b)-5 and 20(a) the Securities and Exchange Act of 1934 and §§ 11 and 15 of the Securities Act of 1933.
The Complaint alleges that Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Gridsum lacked effective internal control over financial reporting; (ii) consequently, Gridsum’s financial statements were inaccurate and misleading, and did not fairly present, in all material respects, the financial condition and results of operations of the Company; and (iii) as a result of the foregoing, Gridsum’s public statements were materially false and misleading at all relevant times.
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the June 25, 2018 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
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