BEIJING (AFX) - Two shareholder class action suits have been filed in the US against Chinese web portal operator Sina Corp, alleging that it violated securities regulations, law firms representing shareholders said.
Schatz & Nobel and Schiffrin & Barroway said they filed suits in the US District Court for the Southern District of New York, alleging that Sina failed to disclose information on the effects a government clampdown on "fortune telling" advertising, such as horoscopes, would have on revenues.
The complaints further alleged that Sina failed to disclose that changes to China Mobile's multimedia messaging billing process would significantly affect the company's business.
The suit filed by Schiffrin & Barroway also named chief executive officer Wang Yan and chief financial officer Charles Chao as defendants.
Sina had no comment on the suits.
buro@xinhuafinance.com
jpb/wk
For more information and to contact AFX: www.afxnews.com and www.afxpress.com
Schatz & Nobel and Schiffrin & Barroway said they filed suits in the US District Court for the Southern District of New York, alleging that Sina failed to disclose information on the effects a government clampdown on "fortune telling" advertising, such as horoscopes, would have on revenues.
The complaints further alleged that Sina failed to disclose that changes to China Mobile's multimedia messaging billing process would significantly affect the company's business.
The suit filed by Schiffrin & Barroway also named chief executive officer Wang Yan and chief financial officer Charles Chao as defendants.
Sina had no comment on the suits.
buro@xinhuafinance.com
jpb/wk
For more information and to contact AFX: www.afxnews.com and www.afxpress.com
© 2005 AFX News
