Baosheng Media Group Holdings Ltd (BAOS) has released an update.
Baosheng Media Group Holdings Ltd is facing a lawsuit from three institutional investors alleging the company made untrue statements and omitted material facts in its registration statement, potentially misleading investors. The plaintiffs, two of whom invested $10 million in the company based on the contested statement, are now amending their complaint, with the company planning a vigorous defense. No court date has been set for the lawsuit as of the report date.
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