Date : 01/04/2016 @ 12:17PM
Source : PR Newswire (US)
Stock : Qunar Cayman Islands Limited ADS (MM) (QUNR)
Quote : 43.82 -8.92 (-16.91%) @ 3:41PM

NEW YORK, Jan. 4, 2016 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Qunar Cayman Island Limited (“Qunar” or the “Company”) (NASDAQ: QUNR). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.

The investigation concerns whether Qunar and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.

On January 4, 2016, pre-market, the company announced changes to its management and board of directors, effective as of January 4, 2016. Qunar’s co-founder Chenchao “CC” Zhuang will no longer serve as Qunar’s director and chief executive officer, and Ms. Yilu Zhao will no longer serve as the company’s chief financial officer. Zhenyu Chen, Qunar’s Executive Vice President and Head of Mobile Business Group, has been appointed as Qunar’s chief executive officer; Qiang Zhang, Qunar’s Executive Vice President and Head of Destination Services Business Group, will assume the role of its chief operating officer; and Mr. Xiaolu Zhu, Qunar’s Senior Director of Strategy and Investor Relations, has been appointed as Qunar’s chief financial officer.

On this news, Qunar stock has fallen as much as $8.57, or 16.25%, to $44.17 during intra-day trading on January 4, 2016.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]

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SOURCE Pomerantz LLP