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iDreamSky Technology Limited (DSKY)

(NASDAQ: DSKY)

Summary

INVESTOR ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In iDreamSky Corporation To Contact The Firm - DSKY

Faruqi & Faruqi, LLP, a leading national securities law firm, notifies investors in iDreamSky Technology Limited (“iDreamSky” or the “Company”) (NasdaqGS: DSKY) of the June 1, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against iDreamSky and certain executives. 

A complaint has been filed in the Southern District of New York on behalf of all persons who purchased iDreamSky common stock pursuant and/or traceable to the Company’s Registration Statement and Prospectus, declared effective by the Securities and Exchange Commission on August 7, 2014, issued in connection with iDreamSky’s initial public offering (“IPO”), and/or anyone who purchased iDreamSky ADSs from August 8, 2014 through March 13, 2015 (the “Class Period”).

The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.

Specifically, the action alleges that the Company made false and misleading statements and failed to disclose that iDreamSky had overstated its ability to monetize its user base and effectively integrate its distribution channels.  
On March 13, 2015, the Company lowered its revenue guidance for the fourth quarter to be between $52.7 million and $53 million, much lower than its previously announced guidance of between $62.9 million and $66.1 million.


Following this news, the price of the Company’s stock declined over 33% to close at $7.22 per share on March 16, 2015.

Take Action

If you invested in iDreamSky stock or options pursuant and/or traceable to the Company’s Registration Statement and Prospectus issued in connection with iDreamSky’s IPO, and/or ADSs during the Class Period and would like to discuss your legal rights, contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.  Faruqi & Faruqi, LLP also encourages anyone with information regarding iDreamSky’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Contact Counsel

Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330

Email:

Case Details

Date:

  • 04/06/2015

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