Levi & Korsinsky, LLP announces that a class action lawsuit has been commenced in the USDC for the Southern District of New York on behalf of shareholders who purchased Youku Tudou, Inc. (NYSE: YOKU) securities between February 27, 2014 and March 19, 2015.
The allegations in the complaint concern, among other allegations, an alleged lack of adequate internal controls over the Company’s financial reporting, including improper recording of certain nonmonetary transactions and improperly recognized revenue for multi-element arrangements. On March 19, 2015, Youku reported a net loss of $51.3 million for its fourth quarter, compared to $4 million in the same quarter of 2013, and further disclosed that the SEC is investigating certain aspects of the Company’s past accounting practices. If you suffered a loss in Youku you have until May 26, 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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