Defendant Name:
Gridsum Holding Inc.
Defendant Type:
Public Company
Document Reference:
LR-25822
Document Details
Legal Case Name
SEC (Plaintiff) v. Guosheng Qi and Gridsum Holding Inc. (Defendants) and Huijie He (Relief Defendant)
Document Name
SEC Charges China-Based Big Data Analytics Company with Failure to Disclose Related Party Payments, including more than $5 million that benefitted the CEO's Family
Document Date
07-Sep-2023
Document Format
Civil Proceeding
Case Number
23-cv-07924
Federal District Court
New York, Southern District of New York
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On September 7, 2023, the SEC stated: "The SEC today filed a complaint against Gridsum Holding, Inc. (formerly Nasdaq: GSUM) and its CEO Guosheng Qi
charging them with misuse and unreported use of funds raised in a 2016 U.S. initial public offering (IPO) as well as failure
to disclose millions of dollars in related-party transactions that benefitted Defendant Qi’s family members. According to
the complaint, from September 2016 to June 2020, Gridsum, and Qi directed a series of undisclosed payments to Qi’s
wife and mother-in-law for supposed consulting contracts between Gridsum and a company controlled by Qi’s mother-inlaw. The complaint alleges that the total value of these related party transactions equaled $7.1 million, and Qi and his
family directly or indirectly received at least $5.2 million."
Other Defendants in Action:
