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SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of CooTek (Cayman) Inc. – CTK

Mount Equity Group Tokyo, Japan > News > Markets > SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of CooTek (Cayman) Inc. – CTK

NEW YORK, June 4, 2021 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of CooTek (Cayman) Inc. (“CooTek” or the “Company”) (NYSE: CTK). Such investors are advised to contact Robert S. Willoughby at  newaction@pomlaw.com or 888-476-6529, ext. 7980.

The investigation concerns whether CooTek and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action] 

In September 2018, CooTek conducted its initial public offering (“IPO”), issuing 4.35 million American Depositary Shares (“ADSs”) priced at $12.00 per ADS.  

Then, on December 15, 2020, CooTek announced its unaudited financial results for the third quarter of 2020.  CooTek disclosed an operating loss of $1.1 million, which the Company stated “mainly relates to compensation payment to victims of alleged misconducts of certain third-party advertisers perpetrated on the Group’s platform that the Group deposited to an escrow account controlled by a local authority conducting investigation on the advertisers.” 

On this news, CooTek’s ADS price fell $1.99 per ADS, or 31.44%, to close at $4.34 per ADS on December 15, 2020. 

Then, on June 3, 2021, CooTek announced its unaudited financial results for the first quarter of 2021.  CooTek disclosed, among other results, non-GAAP earnings per