NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. is investigating potential claims against Seven Stars Cloud Group, Inc. (NASDAQ: SSC). Our investigation concerns whether Seven Stars has violated the federal securities laws and/or engaged in other unlawful business practices.
On February 22, 2018, the Company announced that on February 16, 2018, the Audit Committee of the board of directors of the Company had approved the dismissal of Grant Thornton International, the independent registered public accounting firm for Seven Stars. The Company’s release stated that there were no reportable events requiring disclosures, except that GT advised the Company of a material weakness in the Company’s internal control of financial reporting related to the design, documentation and implementation of effective internal controls over the review of the cash flow forecasts used in assessing the recoverability of licensed content.
Following this news, shares of Seven Stars fell $1.10 per share, or 39%, to close at $1.70 per share on February 23, 2018.
If you purchased or otherwise acquired Seven Stars shares and suffered a loss, continue to hold shares, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning our investigation into Seven Stars Cloud Group, Inc., please go to http://www.bespc.com/ssc. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.