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A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at http://www.glancylaw.com.
The Complaint charges The9 and certain of the Company's current and former executive officers with violations of federal securities laws. The9 operates as an online game operator and developer in mainland China, and directly or through affiliates operates licensed multiplayer online role-playing games and advanced casual games, including Soul of The Ultimate Nation, Granado Espada and Atlantica, among others. The Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements concerning The9's business, operations and prospects were materially false and misleading. Specifically, the defendants made false and/or misleading statements and/or failed to disclose that: (i) it was becoming increasingly less likely that the Company would be renewing the World of Warcraft contract with Blizzard Entertainment Inc. ("Blizzard"); (ii) The9 had not even begun formal negotiations with Blizzard regarding the World of Warcraft contract renewal; (iii) The9 and Blizzard had been at odds regarding The9's operation of World of Warcraft in China; and (iv) the equity investment in The9 by Electronic Arts Inc. -- a leading developer and publisher of interactive entertainment -- had made it less likely that Blizzard would renew the World of Warcraft contract because Blizzard would essentially be doing business with one of its greatest competitors.
On July 15, 2009, The9 shocked investors when it reported a reduction in net income for 2008 of $36.9 million -- an approximately 72% reduction from $51.1 million in net income that it had reported for that period on February 23, 2009. In addition, the Company admitted that, despite its earlier representations, The9 had not even begun negotiations with Blizzard concerning the renewal of the World of Warcraft contract. In response to this news, shares of The9's stock dropped 18%, to $8.34 per share.
Plaintiff seeks to recover damages on behalf of class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the class described above, you may move the Court, no later than December 21, 2009, to serve as lead plaintiff; however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, or Richard A. Maniskas, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224, by e-mail to info@glancylaw.com, or visit our website at http://www.glancylaw.com.
SOURCE: Glancy Binkow & Goldberg LLP
Glancy Binkow & Goldberg LLP, Los Angeles, CA Michael Goldberg Richard A. Maniskas 310-201-9150 or 888-773-9224 info@glancylaw.com www.glancylaw.com
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