Unfamiliar Street response NetEase malicious allegations Tang Yan will actively self debate

December 11th morning, according to the NetEase yesterday publicly accused the unfamiliar street founder Tang Yan work for NetEase during the occupation and personal moral problems, a day of silence when the parties finally use unfamiliar street to update the prospectus way formally responded.

unfamiliar street in response, said Tang Yan that the accusations from NetEase worthless, does not rule out the legal means after the end of the street street, NetEase reputation, business aspects of the negative impact.

 

Beijing time today evening, unfamiliar street will officially landed on Nasdaq, the stock code is MOMO". According to its previously published prospectus shows that the price of the issue price of unfamiliar street is 12.50 to $14.50, with the issue price cap, unfamiliar street in this IPO will be the highest financing $232 million. Meanwhile, unfamiliar street will also be granted 2 million 400 thousand shares of the Underwriters over allotment of rights, in order to calculate the maximum public offering of shares of the United States in the IPO (ADS), the maximum financing of about $266 million 800 thousand. According to the previous issuance plan, Alibaba and 58 cities were the largest shareholder and the cornerstone of unfamiliar street investors.

below is unfamiliar street in the updated prospectus made response:

November 2014, unfamiliar street co-founder, chairman and CEO of NetEase Tang Yan received a lawyer’s letter, said that because of Tang Yan working for NetEase during the establishment of unfamiliar street in July 2011, the August launch of related applications, in violation of the employment agreement and in the course of employment will not compete with NetEase’s commitment. Lawyer’s letter, Tang Yan apologized to the NetEase, NetEase reserves the right to take further action.

Tang Yan believes that the allegations have no value, and plans to launch a positive self defense.

December 10, 2014, NetEase issued a formal statement on its website, accusing Tang Yan of working and personal ethics during the work of NetEase. These allegations are not directed against unfamiliar street, and the contents of the allegations were born in Tang rock formally joined the unfamiliar street before. Tang Yan has informed the company that the allegations are malicious, and plans to actively defend themselves.

we can not predict further action NetEase may take, but also can not predict whether the NetEase will continue to publish a public statement against Tang Yan, unfamiliar street and other executives unfamiliar street. Once the final choice of NetEase to resort to law, we can not predict such a program will be the duration of the length or results, which will also affect Tang Yan’s concern for unfamiliar street business.

if the NetEase in the future to win the lawsuit, Tang Yan’s reputation will be damaged, and bear the corresponding legal responsibility. Although the NetEase did not mention the unfamiliar street in the lawyer’s letter, but we are not sure whether it will suit on the street street mentioned in the future, which will influence the attention of management, and caused significant adverse impact on the company’s reputation and business.

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