Faruqi & Faruqi, LLP Announces Investigation of Perfect World Co., Ltd. (PWRD)
Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Perfect World Co., Ltd (“Perfect World” or the “Company”) (Nasdaq: PWRD).
On September 15, 2011, Perfect World announced that it had cut its quarterly outlook by $8.5 million. On this unexpected news, Company shares plunged by 18 percent on extremely heavy trading volume. On November 22, Perfect World shares dropped 14.4 percent after the Company released its quarterly earnings report. Perfect World only reached the lower end of its revised guidance, and was significantly outperformed by industry peers.
Then, on January 9, 2012, Perfect World shares plunged by 26.58 percent after the popular Chinese internet forum Tianya Club published a story alleging that the Company is under investigation by Chinese and U.S. regulators. The investigation is said to focus on related party transactions made by Company founder and CEO Chi Yufeng. Perfect World closed on January 9, 2012 at $8.81 compared to $22.64 a year prior.
If you purchased Perfect World securities and would like to discuss your legal rights, you can contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org or email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Perfect World conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.