SOGO INVESTOR ALERT: Rosen Law Firm Announces Filing of Securities Class Action Lawsuit Against Sogou Inc. - SOGO

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Jan 31, 2019, 20:36 ET

NEW YORK, Jan. 31, 2019 /PRNewswire/ -- Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of the securities of Sogou Inc. (NYSE: SOGO) pursuant and/or traceable to Sogou's November 9, 2017 Initial Public Offering ("IPO"). The lawsuit seeks to recover damages for Sogou investors under the federal securities laws.

To join the Sogou class action, go to https://www.rosenlegal.com/cases-1472.html or call Phillip Kim, Esq. or Zachary Halper, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR'S ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF.

According to the lawsuit, the Registration Statement and Prospectus issued in connection with Sogou's IPO was materially false and misleading and failed to disclose that: (1) Chinese regulators were analyzing Sogou for regulatory action for various reasons, including, among others, an increase in counterfeit goods sold by Sogou merchants, and Sogou's existing software and procedures were insufficient to safeguard against compliance violations; (2) Sogou's cost of revenues were skyrocketing primarily due to significant increases in Traffic Acquisition Cost, a primary driver of Sogou's cost of revenues; (3) Sogou was going to alter its strategy concerning smart hardware and push its artificial intelligence ("AI") capabilities to increase product competitiveness; (4) as a result of altering its smart hardware strategy, Sogou had already decided to phase out non-AI-enabled hardware products, such as legacy models of Teemo Smart Watch, and transition to use products integrating AI technologies, which Sogou hoped would reduce its hardware revenues in the second half of 2018; and (5) as a result, Sogou's public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than March 11, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to https://www.rosenlegal.com/cases-1472.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Zachary Halper, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at [email protected] or [email protected].

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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013.

Contact Information:

      Laurence Rosen, Esq.
      Phillip Kim, Esq.
      Zachary Halper, Esq.
      The Rosen Law Firm, P.A.
      275 Madison Avenue, 34^th Floor
      New York, NY 10016
      Tel: (212) 686-1060
      Toll Free: (866) 767-3653
      Fax: (212) 202-3827
      [email protected]
      [email protected]
      [email protected]
      www.rosenlegal.com