Qihoo 360 Technology Co. Ltd. will pay $29.8 million to settle shareholder allegations that the Chinese cybersecurity company made misleading statements related to a transaction to take the company private.
The proposed settlement represents approximately 2.45% of the total damages sought by shareholders who sold Qihoo securities between Dec. 18, 2015 when a buyout to take the company private was announced and July 15, 2016 when it closed, according to a motion for preliminary approval of the deal filed in the US District Court for the Southern District of New York on Feb. 12.
Qihoo listed a spin-off of one ...
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