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Qutoutiao Investors Get Lead Plaintiff for News App Ads Suit

Nov. 5, 2020, 9:43 PM

Qutoutiao Inc. investors who filed a would-be class suit in federal court in New York alleging the company misled them about in-app advertising practices had their cases consolidated and secured a lead plaintiff.

The Chinese news aggregation application company allegedly failed to tell investors when it replaced its reputable third-party advertising firm with a related party. Investor James Pappas is best suited to take on the lead plaintiff role, the U.S. District Court for the Southern District of New York said.

The two complaints “challenge the exact same public statements and reports; present nearly identical legal and factual issues; ...

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