Law firm Pomerantz is investigating the claims

NEW YORK, May 06, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors in NetEase, Inc. (“NetEase” or the “Company”) (NASDAQ: NTES). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529 ext. 7980.

The investigation focuses on whether NetEase and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.

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On May 5, 2022, NetEase issued a press release “provided[ing] an update on its status under the Foreign Corporations Liability Act (the “HFCAA”). The press release stated, in its relevant part, that “[o]On May 4, 2022, the United States Securities and Exchange Commission (the “SEC”) provisionally named the Company as a Commission-identified issuer after the Company filed its annual report on Form 20-F for the fiscal year ended December 31, 2021 with the SEC on April 28, 2022, which included an audit report issued by an accounting firm that the Public Company Accounting Oversight Board (the “PCAOB”) determined was not is unable to fully inspect or investigate. The press release informed investors that “[i]n pursuant to the HFCAA, if the SEC determines that a company has filed audit reports issued by a registered public accounting firm that cannot be fully inspected or investigated by the PCAOB for three consecutive years from 2021, the SEC will prohibit its shares or the depositary shares (the “ADS”) from trading on a national stock exchange or in the over-the-counter market in the United States. »

On this news, NetEase’s ADS price fell $5.79 per share, or 5.97%, to close at $91.19 per share on May 5, 2022.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is recognized as one of the leading firms in the areas of corporate litigation, securities and antitrust. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm recovered numerous multimillion-dollar damages on behalf of class members. To see www.pomlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980