SouFun Holdings Ltd (NYSE: SFUN) Investor Securities Class Action Lawsuit 10/30/2015

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Company Name(s): 
SouFun Holdings
Case Name: 
SouFun Holdings Shareholder Class Action Lawsuit 10/30/2015
Case Status: 
Case Dismissed
Affected Securities
NYSE: SFUN
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
10/30/2015
Class Period Begin: 
05/20/2015
Class Period End: 
10/27/2015
Court of Filing: 
U.S. District Court for the Central District of California
Deadline To File for Lead: 
12/29/2015
Case Dismissed: 
10/18/2016
Summary: 

October 27, 2016 - The parties filed a stipulation of voluntary dismissal.

October 18, 2016 - The court granted defendants motion to dismiss without prejudice with leave to amend.

May 24, 2016 - Defendants filed a motion to dismiss.

March 25, 2016 - The lead plaintiff filed an amended complaint.

January 25, 2016 - Lead plaintiff and lead counsel were appointed.

December 29, 2015 - Lead plaintiff motions were filed.

October 30, 2015 - An investor in American Depositary Shares (ADS) of SouFun Holdings Ltd (NYSE: SFUN) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by SouFun Holdings Ltd in connection with certain allegedly false and misleading statements made between May 20, 2015 and October 27, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of SouFun Holdings Ltd (NYSE: SFUN) common shares between May 20, 2015 and October 27, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 20, 2015 and October 27, 2015 Defendants issued allegedly materially false and misleading statements to investors and/or allegedly failed to disclose that SouFun Holdings Ltd employees routinely created “fake contracts”, that Defendants were aware that SouFun Holdings Ltd employees routinely created “fake contracts”, and that as a result, SouFun Holdings Ltd’s public statements were materially false and misleading and/or lacked a reasonable basis at all relevant times.

SouFun Holdings Ltd reported that its annual Total Revenue rose from $637.38 million in 2013 to $702.88 million in 2014 while its Net Income declined from $298.61 million in 2013 to $253.22 million in 2014.

On October 27, 2015, a report was published asserting, among other things that Chinese media sources have been reporting widespread layoffs at SouFun Holdings Ltd as a result of “faked contracts” employees were involved in creating, that other media outlets report that SouFun Holdings Ltd may have had knowledge that these fake transactions were taking place, and that SouFun Holdings Ltd has not made any disclosures in the U.S. regarding these layoffs.