NEW YORK, April 13, 2015 /PRNewswire/ -- Pomerantz LLP is
investigating claims on behalf of investors of SINA Corporation
("SINA" or the "Company") (NASDAQ: SINA). Such investors are
advised to contact Robert S.
Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext.
237.
The investigation concerns whether SINA and certain of its
officers and/or directors have violated Sections 10(b) and 20(a) of
the Securities Exchange Act of 1934.
On April 12, 2015, a report in the
Financial Times stated that executives from Sina were
summoned to a meeting with the Cyberspace Administration of
China ("CAC") and criticized
for spreading "illegal information" and "violating morality",
according to a statement from CAC.
Sina was accused of not properly censoring user accounts as well
as "engaging in media hype" and allowing the spread of "rumours",
pornography and "messages advocating heresies", a reference to
banned religious movements such as Falun
Gong.
On this news, shares of Sina fell $1.50 per share, to $36.00 or more than 4.03%, in intra-day trading
on April 13, 2015.
The Pomerantz Firm, with offices in New York, Chicago, San
Diego and Florida, is
acknowledged as one of the premier firms in the areas of corporate,
securities, and antitrust class litigation. Founded by the late
Abraham L. Pomerantz, known as the
dean of the class action bar, the Pomerantz Firm pioneered the
field of securities class actions. Today, more than 70 years later,
the Pomerantz Firm continues in the tradition he established,
fighting for the rights of the victims of securities fraud,
breaches of fiduciary duty, and corporate misconduct. The Firm has
recovered numerous multimillion-dollar damages awards on behalf of
class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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SOURCE Pomerantz LLP