We are investigating Qutoutiao Inc. (QTT) (“Qutoutiao” or the “Company”) for potential violations of the federal securities laws. On or around September 14, 2018, Qutoutiao commenced its initial public offering (“IPO”), issuing 12 million American depositary shares (“ADSs”) priced at $7.00 per ADS. Then, on July 15, 2020, hosts of a consumer-rights gala in China stated that Qutoutiao had allowed ads on its platform promoting exaggerated or impossible claims from companies marketing weight-loss products. For example, one such ad offered free weight-loss products valued at $14,300 that would purportedly help users lose more than 30 pounds in a month. On this news, the Company’s ADS price fell $0.85 per ADS, or 23%, to close at $2.84 per ADS on July 16, 2020.