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No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than December 21, 2009 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff. You may contact Brower Piven (through hoffman@browerpiven.com or 410/986-0036) to answer any questions you may have in that regard.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period it was becoming increasingly less likely that the Company would be renewing the licensing contract for World of Warcraft ("WoW") with Blizzard Entertainment Inc. ("Blizzard"), a Vivendi subsidiary; The9 had not even begun formal negotiations with Blizzard regarding the contract renewal; The9 and Blizzard had been at odds regarding The9's operation of WoW in China; the equity investment by Electronic Arts Inc. in The9 had made it less likely that Blizzard would renew the WoW contract because, to do so would require Blizzard to, in essence, do business with one of its greatest competitors. According to the complaint, after the Company revealed on July 15, 2009 that it had not even begun negotiations with Blizzard for renewal of the WoW contract, the value of The9's stock declined significantly.
If you have suffered a net loss for all transactions in The9, Ltd. ADSs during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410-986-0036, or at Brower Piven, A Professional Corporation, The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Baltimore, Maryland 410/986-0036 Email Contact
SOURCE: Brower Piven, A Professional Corporation
http://www2.marketwire.com/mw/emailprcntct?id=B539F82EA5B489EC
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