Law360: Chinese Esports Streamer Gets OK For US$15M Deal Over IPO
August 10, 2022
New York State Supreme Court Justice Andrew Borrok preliminarily approved DouYu’s US$15 million class action settlement with investors over claims that the Chinese esports platform did not disclose that one of its largest shareholders was also invested in a competitor when DouYu went public. The deal is subject to further approval with a fairness hearing scheduled for December. IPO underwriters JPMorgan Securities LLC, Morgan Stanley & Co. LLC, BofA Securities Inc., and CMB International Capital Ltd. are also listed as settling defendants. The underwriters are represented by Jonathan Rosenberg and Allen Burton of O’Melveny & Myers LLP.
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