Levi & Korsinsky announces that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders who purchased American Depositary Shares (ADSs) of iDreamSky Technology Limited between August 8, 2014 and March 13, 2015 and/or pursuant to the Initial Public Offering on or around August 7, 2014.
The complaint alleges that throughout the Class Period defendants concealed from the investing public that: (a) the Company had overstated its ability to monetize its user base and effectively integrate its distribution channels; (b) as a result, the Company had to lower its earnings guidance; and (c) as a result of the foregoing, the Company’s statements about its business, operations, and prospects were materially false and/or lacked a reasonable basis. If you suffered a loss in iDreamSky you have until June 1, 2015 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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