BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Gridsum Holding Inc. (“Gridsum” or the “Company) (NASDAQ: GSUM) investors concerning the Company and its officers’ possible violations of federal securities laws.
On April 23, 2018, Gridsum issued a press release announcing that its independent registered public accounting firm, PricewaterhouseCoopers Zhong Tian LLP (“PwC”), notified the Company’s Board of Directors and Audit Committee that PwC’s audit report for fiscal year 2016 should no longer be relied upon. PwC identified certain issues related to revenue recognition, cash flow, cost, expense items, and their underlying documentation. In connection with these developments, the Company claimed that it estimates a 2016 revenue impact of approximately RMB 2 million and a 2016 expense impact of approximately RMB 6 million.
On this news, Gridsum’s share price fell approximately 30% during intraday trading on April 23, 2018, thereby injuring investors.
If you purchased Gridsum securities, have information or 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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