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QIHU.US
id: 1104

Qihoo 360 (QIHU) Buyout and China Relisting Settlement

The settlement funds have been distributed to claimants.
$29,750,000
Cash Settlement
S.D. New York
Court
1:19-cv-10067
Case number
12/18/2015
Class period Start
07/15/2016
Class period End
08/08/2024
Claim deadline

Qihoo 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
0.7
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

Frequently Asked Questions

Who is eligible for this settlement?

All owners and former owners of Qihoo Securities (i) who sold their Qihoo Securities during the period from December 18, 2015 through July 15, 2016, inclusive, and/or (ii) whose Qihoo Securities were tendered, cancelled, or exchanged in the Merger.

Do I have to sell securities to be eligible?

No, if you have purchased securities within the class period, you are eligible to participate.

You can participate in the settlement and retain (or sell) your securities.

How much will my payment be?

The final payout amount depends on your specific trades and the number of investors participating in the settlement.

If 100% of investors file their claims - the average payout will be $0.1 per share. Although typically only 25% of investors file claims, in this case, the average recovery will be $0.4 per share.

How long does the payout process take?

The entire process usually takes 4 to 9 months after the claim deadline. But the exact timing depends on the court and settlement administration.

What is 11thestate?

11thestate is an investor recovery company, we help investors to track and collect securities class action settlements. We will:

  1. Prepare documents for your payout

  2. Audit the claim and make sure you get the maximum possible payout

  3. File a claim with the settlement administration

  4. Correspond with the settlement administration to resolve emerging issues

  5. Deliver payout directly to your brokerage account

There is no upfront cost, but we will deduct 20% of the recovered amount as a commission for our services.