QIHU.US
id: 1104
Qihoo 360 (QIHU) Buyout and China Relisting Settlement
The settlement funds have been distributed to claimants.
$29,750,000
Cash SettlementS.D. New York
Court1:19-cv-10067
Case number12/18/2015
Class period Start07/15/2016
Class period End08/08/2024
Claim deadlineQihoo 360 (QIHU) agreed to settle $29.75M with shareholders to end claims over buyout and relisting in China.
Case Details:
Qihoo was taken private for $9.4B by a group of buyers, including its top executives, in a deal finalized on July 15, 2016.
After the buyout, Qihoo split its businesses. On November 2, 2017, SJEC announced a backdoor listing with Qihoo's main businesses.
Qihoo's shares started trading on the Shanghai Stock Exchange in February, 2018, with a market capitalization of $62B by the end of the day.
Based on these events, Qihoo was accused of the following details:
- Qihoo had undisclosed plans to relist shares in China before closing the deal.
- Shareholders were allegedly not provided necessary details for an informed vote.
Qihoo 360 has now decided to end all the allegations related to the relisting and buyout and pay a $29.75M settlement to investors.
Case Type
US Securities Class Action
Case Status
Disbursed
Alleged Offence
Mismanagement,
Misleading Statements,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Payout per Share
-0.9
Plaintiffs
Altimeo Asset Management
Attorneys
Pomerantz LLP
Defendants
Hongyi Zhou, Eric X. Chen
Judge
Paul A. Engelmayer
Administrator
Angeion
Trades matching type
FIFO
Disbursement date
04/30/2025
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