Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, May 24, 2022 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Youdao, Inc. ("Youdao" or the "Company") (: DAO) investors that the firm has initiated an investigation into possible securities fraud and may file a class action on behalf of investors. Youdao investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: [email protected], to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On May 5, 2022, Youdao issued a press release "provid[ing] an update on its status under the Holding Foreign Companies Accountable Act (the 'HFCAA')." The press release stated, in relevant part, that "[o]n May 4, 2022, the U.S. Securities and Exchange Commission (the 'SEC') provisionally named the Company as a Commission-Identified Issuer after the Company filed its annual report on Form 20-F for the fiscal year ended December 31, 2021 with the SEC on April 28, 2022, which included an audit report issued by a public accounting firm that the Public Company Accounting Oversight Board (the 'PCAOB') has determined that it is unable to inspect or investigate completely." The press release advised investors that "[i]n accordance with the HFCAA, if the SEC determines that a company has filed audit reports issued by a registered public accounting firm that cannot be inspected or investigated completely by the PCAOB for three consecutive years beginning in 2021, the SEC shall prohibit its shares or American depositary shares (the 'ADSs') from being traded on a national securities exchange or in the over-the-counter trading market in the United States."
On this news, Youdao's ADS price fell $0.67 per share, or 9.24%, to close at $6.58 per share on May 5, 2022.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
[email protected]
310-692-8883
www.portnoylaw.com
Attorney Advertising
