Faruqi & Faruqi, LLP’s national practice focuses on complex civil litigation. The firm practices in the areas of Securities, Merger & Transactional, Shareholder Derivative, Antitrust, Consumer Class Action, and Wage & Hour litigation.
Wednesday, June 10, 2015
Faruqi & Faruqi Alert: Xunlei Limited
Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Xunlei Limited To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Xunlei Limited (“Xunlei” or the “Company”) (NasdaqGS: XNET) of the August 7, 2015, deadline to seek the role of lead plaintiff in a federal securities class action lawsuit against the Company and certain officers. A complaint has been filed against Xunlei in U.S. District Court for the Central District of California.
The complaint alleges that the Company and its executives violated federal securities laws by failing to disclose that Xunlei’s strategic focus on Project Crystal and its mobility initiative would have a detrimental impact on the Company’s financial condition. On May 20, 2015, eleven months after its IPO, Xunlei announced its unaudited financial results; total revenues were $30.2 million, an 8.4% decrease from the corresponding period of the prior year, and a 14.9% decrease from the previous quarter.
On this news, the Company’s stock fell $1.69 per share or almost 15% to close at $9.71 per share on May 21, 2015, damaging investors.
You can contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Xunlei’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.