Gridsum Holding Inc. and a group of investors asked a judge to approve a $4.5 million deal to settle a five-year-old lawsuit that alleged the software company made misleading statements in connection with a 2016 initial public offering Provided information about his accounting and taxes.
The settlement would resolve allegations that Gridsum and three top executives misrepresented the company's revenues and assets while understating expenses and losses in disclosures filed after the IPO, according to the preliminary approval filing, filed Dec. 1 filed in the United States District Court for the Southern District of New York.
The agreement represents a recovery of more than 20% of…
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