SAN DIEGO, March 16, 2020 (GLOBE NEWSWIRE) -- Shareholder rights law firm Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of shareholders of DouYu International Holdings Limited ("DouYu" or the "Company") (NASDAQ: DOYU). The class action is on behalf of shareholders who purchased DouYu common stock pursuant or traceable to the July 18, 2019, initial public stock offering (the "IPO"). If you wish to serve as lead plaintiff in this class action, you must move the Court no later than May 4, 2020.

[Click here to join this action]

The lawsuit alleges that DouYu's registration statement contained statements that were materially inaccurate, misleading, and incomplete because they failed to disclose that: (1) DouYu's risks related to its top streamers had materialized, including that: (a) a top streamer was actively misrepresenting herself on DouYu's platform, and (b) the costs associated with retaining top streamers was swelling; (2) DouYu did not ensure that all of its products were fully compliant with current regulatory requirements before those products became available online; and (3) key interactive features of DouYu's "lucky draw" were noncompliant with current regulatory requirements, requiring DouYu to remove them from operations, which negatively impacted user engagement activity and caused disappointing financial results.

If you are interested in learning more about your legal rights and remedies, please contact Jim Baker (jimb@johnsonfistel.com) at 619-814-4471. If you email, please include your phone number.

Additionally, you can [Click here to join this action]. There is no cost or obligation to you.

About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.

Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471 
jimb@johnsonfistel.com

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.