The9 Limited (ADR) Hit By US Shareholder Lawsuit

An broker in The9 Limited (ADR) (Public, NASDAQ:NCTY) has filed a accusation in the United States District Court for the Southern District of New York on account of purchasers of American Depositary Shares (ADR) of The9, Ltd. (Nasdaq:NCTY) amid November 15, 2006 and July 15, 2009, adjoin The9 and assertive of the admiral and/or admiral of The9 over declared violations of Federal Securities Laws.

Those who purchased American Depositary Shares (ADR) of The9, Ltd. (Nasdaq:NCTY) amid November 15, 2006 and July 15, 2009, accept assertive options and there are austere and abbreviate deadlines running. Deadline: December 18, 2009. Those NCTY investors should acquaintance the Shareholders Foundation, Inc. at email: mail(at)shareholdersfoundation.com or at: +1 (858) 779 – 1554. According to the complaint the plaintiff alleges that The9 Limited (ADR) and assertive admiral and admiral of The9 abandoned the Exchange Act of 1934 by arising amid November 15, 2006 and July 15, 2009 fabricated abundant absolute statements apropos its banking condition, business and prospects, that were inaccurate statements of actual actuality if fabricated because defendants bootless to acknowledge actual facts. Then on July 15, 2009, The9 appear a $36.9 actor – or 72% – abridgement in net assets for 2008 from $51.1 actor in net assets that it had appear for that aeon on February 23, 2009. Moreover, The9 appear that it had not amorphous negotiations with Blizzard apropos the face-lifting of the World of Warcraft arrangement as of the date that it had ahead represented to investors. In acknowledgment to this news, shares of The9’s banal alone 18% to $8.34.

The9 Limited, amid in Shanghai, is affianced in the business of developing and operating online amateur and accompanying services. As of December 31, 2008, the Company endemic and operated amateur in acreage China, which included World of Warcraft (WoW) , Soul of The Ultimate Nation (SUN), Granado Espada, EA Sports FIFA Online, Atlantica , Audition 2, World of Fighter (formerly Warriors of Fate Online), JiuZhouZhanJi, Field of Honor, Mystina Online, and Joyful Journey West (JJW). The9 LTD. appear in 2007 Total Revenue of $1.27961billion with a Net Income of $240.89million and in 2008 Total Revenue of $1.71149billion with a Net Income of $96.83million. Shares of The9 Ltd. traded afresh at $7.80 per share, down from its 52weekHigh of $16.64 per share, $26.50 per allotment in July ’08 and over $50 per allotment in 2007.