July 3, 2012
/PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of Qihoo 360 Technology Co. Ltd ("Qihoo Technology" or the "Company") (NYSE: QIHU), concerning whether the company and certain of its officers and directors have violated federal securities laws.
July 2, 2012
, shares of Qihoo Technology sank
or 7% to close at
after the Company denied allegations made by Anonymous Analytics ("Anonymous") that user traffic on its website is lower than reported. According to a report published by Anonymous, the Company had been "exaggerating" user traffic on its hao.360.cn site; citing data from Reston, Virgina-based ComScore Inc., an Internet traffic data provider, "Qihoo Technology's directory page gets significantly less traffic than management has led the capital markets to believe," Anonymous said in the report. "All that massive traffic volume that was supposed to transform Qihoo Technology into an Internet marvel doesn't exist." Also back in April, the company rejected "all allegations" made by Citron Research and other individuals which had questioned revenue from the hao.360.cn site and Qihoo said then it stands by its filings to the SEC.
If you are aware of any facts relating to this investigation, or purchased shares Qihoo Technology, you can assist this investigation by contacting either
of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email
. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration.