LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that it has commenced 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. To obtain information or aid in the investigation, please visit the Gridsum investigation page on our website at www.glancylaw.com/case/gridsum-holding-inc.
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.
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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 Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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