NEW YORK, Oct. 08, 2018 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all persons or entities who purchased or otherwise acquired Huazhu Group Limited (NASDAQ: HTHT) securities between May 14, 2018 and August 28, 2018 (the “Class Period”). Investors have until December 7, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The Complaint alleges that, throughout the Class Period, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that the company lacked adequate security measures to protect customer information; (2) that, as a result of the foregoing, the company would be susceptible to increased litigation risk and higher expenses; (3) that, as a result of the foregoing, the company’s goodwill would potentially suffer, leading to lower revenues; and (4) that, as a result of the foregoing, defendants’ positive statements about the company’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.
On August 29, 2018, media outlets reported that Shanghai police had been alerted to a possible client data breach at Huazhu, stating that nearly 500 million pieces of customer-related information, including registration information, personal data, and booking records, had emerged in an online post.
On this news, Huazhu’s price fell over 3%, closing at $33.74 on August 30, 2018.
If you purchased Huazhu securities during the Class Period or continue to hold shares purchased before the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at email@example.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Huazhu lawsuit, please go to https://bespc.com/htht/. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com.