Tnooz, Martin Cowen - Qunar’s management shake-up announced this week, which coincided with a 16% drop in its share price on the day, has caught the attention of a New York-based “corporate litigation boutique” law firm.
In other words, a class action specialist is wondering whether anything happened which could form the basis of a legal attempt to claw back any losses.
Bronstein, Gewirtz & Grossman said in its statement that its investigation will look at “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.”
While BGG’s statement reveals nothing concrete about the alleged violation, its involvement is another headache for Qunar.
In China, Qunar has been on the end of some unwelcome PR after a number of airlines withdrew their standalone stores within the Qunar marketplace, citing “complaints from passengers” as the main reason.
China Southern and Hainan pulled their inventory at the end of the year, with reports saying Air China and China Eastern have also joined the exodus.
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