youku tudou inc-adr (YOKU) Key Developments
Youku Tudou Inc. Announces Restatement of Audited Financial Statements for Three Years Ended December 31, 2012, 2013 and 2014
Apr 29 15
Youku Tudou Inc. announced restatement of audited financial statements for three years ended December 31, 2012, 2013 and 2014. Within the 2014 Annual Report, among other things, the company adjusted upward its previously reported audited net revenues for the years ended December 31, 2012 and 2013, and unaudited net revenue for the year ended December 31, 2014 by RMB 114.2 million, RMB 40.5 million and RMB 193.3 million, respectively. The company's previously disclosed audited net losses for the years ended December 31, 2012 and 2013, and unaudited net loss for the year ended December 31, 2014 have been adjusted downward by RMB 21.2 million, upward by RMB 19.4 million, and downward by RMB 51.1 million, respectively. These adjustments were made mainly in connection with a restatement of the company's consolidated financial statements reflecting certain revisions to its accounting treatment for licensed copyrights and non-monetary exchanges of licensed copyrights, as further described in the 2014 Annual Report, to correct certain errors in the preparation of the previously issued financial statements (the Restatement).
Youku Tudou and DJI Form Partnership to Build Comprehensive Online Aerial Videography Platform
Apr 29 15
Youku Tudou and DJI announced their partnership to leverage Youku Tudou's online video platform and DJI's line of high quality aerial videography products by building China's first online platform centered on quality aerial video content, e-tailing, and the aerial video community. This partnership will offer an innovative service and add a new dimension of video technology to Youku Tudou's expansive multiscreen media and entertainment ecosystem. Youku Tudou will become the release platform for the quality aerial videos created by DJI products in Mainland China. A dedicated DJI content channel on Youku Tudou will feature new product launches and reviews, tutorials, professional-generated content (PGC), and user-generated content (UGC). Content creators will receive a share of the revenue generated on the platform. Youku Tudou will also become a key DJI online sale and promotion partner for Mainland China, offering the whole line of DJI products for purchase through Youku Tudou's signature e-tailing platform. The first product offered will be a Youku Tudou-branded DJI drone that seamlessly integrates with the new co-branded platform. The companies also announced that Alipay, Weibo, and Qyer.com will provide additional benefits to users of the new platform. Alipay will provide interest free installment payment plans to purchase DJI products. By incorporating Qyer.com, users can access customized tour routes for capturing excellent aerial videography. The platform will also allow users to share their work on Weibo to further build the aerial videography community.
Block & Leviton LLP Files Class Action Lawsuit against Youku Tudou Inc. for Violations of the Federal Securities Laws
Apr 20 15
Block & Leviton LLP has filed a class action lawsuit against Youku Tudou Inc. following the Company's announcement disclosing that the Company had received and responded to queries from the SEC regarding certain accounting treatment adopted by the Company in its historical financial statements. The lawsuit was filed in the Southern District of New York and is captioned Jahm v. Youku Tudou Inc., number 15 CV 2875. The lawsuit affects all investors in Yoku securities purchased between May 15, 2013, and March 19, 2015. On March 19, 2015, Yoku announced that had received and responded to queries from the SEC regarding certain accounting treatment adopted by the company in its historical financial statements. As a result, the company is attempting to resolve the SEC's comments and intends to file its 2014 Form 20-F by the end of April 2015. The stock fell from a closing price of $15.15 on March 19, 2015, to close at $13.50 on March 20, 2015, a drop of approximately 9%, on extremely high volume. Shares of the company continued to fall in the weeks following the announcement, closing at just $12.36 on March 30, 2015, representing a total drop of over 18%. The loss of market value was approximately $365 million.
Youku Tudou, DJI-Innovations Team Up in Aerial Photo
Apr 10 15
Youku Tudou declared forming strategic partnership with DJI-Innovations in aerial photo video contents, sharing resources and searching for new service patterns.
Milberg LLP Announces Filing of Class Action Lawsuit against Youku Tudou
Mar 26 15
Milberg LLP announced that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of Youku Tudou Inc. securities during the period of February 27, 2014 to March 19, 2015. The complaint alleges that throughout the class period, Yoku and certain of its officers violated the federal securities laws by disseminating false and misleading statements to the investing public. Specifically, the complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: the Company recognized revenue improperly for multi-element arrangements; the company improperly recorded certain nonmonetary transactions to exchange online broadcasting rights of video content with other online video broadcasting companies at the carrying values of the broadcasting rights transacted, instead of the properly-accounted fair value; the company improperly accounted for its licensed content as long-lived assets; the company lacked adequate internal controls over financial reporting; and as a result of the foregoing, the company's financial statements were materially false and misleading at all relevant times.