Block & Leviton LLP Investigates Seven Stars Cloud Group, Inc. (SSC) After The Company Slashes Its Guidance And Replaces Its Auditor

BOSTON, Feb. 23, 2018 /PRNewswire/ — Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, is investigating whether Seven Stars Cloud Group, Inc. (“Seven Stars” or the “Company”) (NASDAQ: SSC) and certain of its officers and directors violated federal securities laws.

On February 22, 2018, after the markets had closed, Seven Stars announced that it was dismissing its independent registered public accounting firm, Grant Thornton, who had been engaged by the Company less than a year prior.

Then, this morning (February 23, 2018), the Company announced via press release that it would slash its previously-issued full-year 2017 guidance by more than half – from $300 million to just $125–$144 million, citing “[u]nanticipated personnel issues that led to internal communication and internal administrative oversights that materialized during the Company’s 2017 fiscal year.”

On this news, Seven Stars shares have plunged more than 25% in intraday trading, causing millions of dollars in losses to investors.

If you purchased or otherwise acquired Seven Stars securities and have questions about your legal rights or possess information relevant to this investigation, you are encouraged to contact attorney Bradley Vettraino at (617) 398-5600, by email at [email protected], or by visiting www.blockesq.com/ssc.

Confidentiality to whistleblowers or others with information relevant to this investigation is assured.

Block & Leviton LLP is a Boston-based law firm representing investors nationwide. The firm’s lawyers have collectively been prosecuting securities cases on behalf of individual and institutional investors for over 50 years, and have recovered billions of dollars on their behalf. Block & Leviton’s investigations into corporate wrongdoing were recently covered by the New York Times.

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