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 email@example.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