Rigrodsky & Long, P.A. announces that it has launched an investigation on behalf of the purchasers of the American Depository Shares ("ADSs") of Perfect World Co., Ltd. ("Perfect World" or the "Company") (Nasdaq: PWRD) with respect to whether the Company and certain of its officers and directors have possibly violated the federal securities laws.
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Perfect World, through its subsidiaries, operates as an online game developer and operator in China, the United States, Japan, and southeast Asia.
On September 15, 2011, Perfect World issued a press release announcing an adjustment in its third quarter 2011 revenues guidance. The Company adjusted its revenue guidance for the quarter to be between RMB702 million and RMB741 million, as compared to the previously announced revenue guidance of RMB756 million and RMB803 million. In reaction to this news, Perfect World stock fell approximately 18% from the previous day's close of $17.27 per ADS to close at $13.92 per ADS on September 15, 2011.
On November 21, 2011, Perfect World issued a press release wherein it announced its unaudited financial results for the third quarter of 2011. In reaction to the Company's reported financial results, Perfect World's fell another 14.5% to close at $9.73 per ADS on November 22, 2011 from the previous day's close of $11.38 per ADS.
Then on January 9, 2012, allegations surfaced on the popular Chinese internet forum, Tianya Club, that Perfect World's CEO, Chi Yufeng, engaged in undisclosed, related-party transactions with the Company. In addition, allegations also arose that the Company is under investigation by Chinese and U.S. regulators concerning the related party transactions. The next day, Perfect World announced that although it believes that the accusations are inaccurate, nonetheless, the Company's independent audit committee "has been working to thoroughly review these allegations and will engage an independent legal counsel to assist with its review."
Perfect World ADSs plunged to a close of $8.81 per ADS on January 9, 2012 from the previous trading day's close of $12.00 per ADS.
If you purchased Perfect World ADSs, if you have information or would like to learn more about our investigation, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Timothy J. MacFall, Esquire or Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware 19801, by telephone at (888) 969-4242, or by e-mail to info@rigrodskylong.com.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar outcome.
Contacts:
Rigrodsky & Long, P.A.
Timothy J. MacFall, Esquire
Noah R.
Wortman, Case Development Director
888-969-4242
302-295-5310
Fax:
302-654-9430
info@rigrodskylong.com
http://www.rigrodskylong.com
