Key Developments: Perfect World Co Ltd (PWRD.O)
11.97USD
22 Feb 2012
$0.05 (+0.42%)
$11.97
--
$12.26
$11.88
332,651
462,419
$29.10
$8.44
Latest Key Developments
Law Offices of Howard G. Smith Announces Investigation on Behalf of Investors of Perfect World, Ltd.
Law Offices of Howard G. Smith announced that it is investigating potential claims on behalf of investors of Perfect World., Ltd concerning possible violations of the federal securities laws. The investigation focuses on allegations that certain statements issued by the Company regarding Perfect World’s business, operations and financial condition were false and misleading. Perfect World, through its subsidiaries, operates as an online game developer and operator in China, the United States, Japan and Southeast Asia. Specifically, the investigation relates to recent allegations posted on an Internet forum alleging that the Company is under investigation by both Chinese and U.S. regulators due to possible related-party transactions between Perfect World and the Company’s chief executive officer. On this news, the Company’s shares declined $3.19 per share, more than 26%, to close on January 9, 2012, at $8.81 per share on heavy trading volume. Full Article
The Rosen Law Firm Announces Investigation Of Perfect World, Ltd.
The Rosen Law Firm announced that it is investigating potential securities claims against Perfect World Co., Ltd. (NASDAQ: PWRD) resulting from allegations that the Company may have issued materially misleading statements and business information to the investing public. The Rosen Law Firm is investigating recent allegations in the Chinese internet forum Tianya Club that CEO Chi Yufeng engaged in undisclosed related party transactions with the Company. In addition, there are allegations that the Company is under investigation by Chinese and U.S. regulators concerning the related party transactions. The Rosen Law Firm is investigating a securities class action lawsuit on behalf of Perfect World investors to recover their investment losses. Full Article
Faruqi & Faruqi, LLP Announces Investigation Of Perfect World, Ltd.
Faruqi & Faruqi, LLP, a national securities law firm, is investigating potential securities fraud at Perfect World, Ltd. On September 15, 2011, Perfect World announced that it had cut its quarterly outlook by $8.5 million. On this unexpected news, Company shares plunged by 18% on extremely heavy trading volume. On November 22, Perfect World shares dropped 14.4% after the Company released its quarterly earnings report. Perfect World only reached the lower end of its revised guidance, and was significantly outperformed by industry peers. Then, on January 9, 2012, Perfect World shares plunged by 26.58% after the popular Chinese internet forum Tianya Club published a story alleging that the Company is under investigation by Chinese and U.S. regulators. The investigation is said to focus on related party transactions made by Company founder and CEO Chi Yufeng. Perfect World closed on January 9, 2012 at $8.81 compared to $22.64 a year prior. Full Article
Perfect World, Ltd. Issues Q4 2011 Revenue Guidance
Perfect World, Ltd. announced that for fourth quarter of 2011, it expects total revenues for the fourth quarter of 2011 are expected to be between RMB695 million and RMB737 million, representing a range similar to the revenues in the third quarter of 2011, but still an increase of 18% to 26% on a year-over-year basis. Full Article
Perfect World, Ltd. And Nexon Announce Strategic Alliance
Perfect World, Ltd. and Nexon Korea Corporation (Nexon) announced that they have jointly established a company in Korea (New Company) to manage and operate online games in Korea. Full Article
Perfect World, Ltd. Provides Update on Share Repurchase Program
Perfect World, Ltd. announced that as of September 26, 2011, the Company had repurchased an aggregate of 3,566,549 American Depositary Shares (ADSs) on the open market under its ADS repurchase program to repurchase up to USD100 million of the Company's ADS from March 2011, to March 2012, as authorized by the Board. The Company expects to continue to implement its share repurchase program in a manner consistent with market conditions and the interest of its shareholders, subject to the restrictions relating to volume, price and timing under applicable law. Full Article
Perfect World, Ltd. Lowers Q3 2011 Revenue Guidance
Perfect World, Ltd. updated its revenue guidance for the third quarter of 2011. The Company now adjusts its revenue guidance for the quarter to be between RMB702 million and RMB741 million, as compared to the previously announced revenue guidance of RMB756 million and RMB803 million. Full Article
Perfect World, Ltd. Issues Q3 2011 Revenue Guidance-Conference Call
Perfect World, Ltd. announced that total revenues for the third quarter of 2011 are expected to be between RMB756 million and RMB803 million, an increase of 15% to 22% on a year-over-year basis. Full Article
Atari SA Finalizes Sale of Cryptic Studios to Perfect World Co., Ltd.
Atari SA announced that it has finalized the agreement to sell 100% of Cryptic Studios Inc. to Perfect World Co., Ltd. in exchange of a cash payment of EUR 35 million. Full Article
Perfect World, Ltd. Enters Into Definitive Agreement To Sell Its Film Business
Perfect World, Ltd. announced that it has entered into a definitive agreement to sell Perfect World (Beijing) Pictures Co., Ltd., the entity that operates Perfect World's film business, to Beijing Ever Joy Pictures Co., Ltd., which is majority-owned by Michael Yufeng Chi, the Company' chairman of the board and chief executive officer, for a total consideration of RMB360 million. The transaction has been approved by the board of directors and a special committee consisting of all independent directors of the board. The transaction is expected to sharpen the Company' focus on its core online game development and operation business and maximize shareholder value over time. Full Article
Deals of the day -- mergers and acquisitions
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