TCW Group Files 4.8% Stake In E-Commerce China Dangdang Inc. (DANG)

E-Commerce China Dangdang Inc. (NYSE: DANG) shares are dropping 7% today, despite TCW Group filing a 4.8% stake in the company.

Dangdang is known as the "Chinese Amazon." The company recently reported earnings of 3 cents per share on revenues of $107.7 million, which beat Wall Street estimates.

TCW owns 974,557 E-Commerce China Dangdang Inc. American Depositary Shares, which is representative of 4,872,785 Class A Common Shares.

At last check, shares of Dangdang were off $1.77 to $22.53, a loss of 7.3%.

E-Commerce China Dangdang Inc. operates as a business-to-consumer e-commerce company in the Peoples Republic of China. The company, through its Website, dangdang.com, sells Chinese and foreign language books, music CDs, VCDs, and DVDs, and other products.