Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Eastern District of New York on behalf of shareholders of Wanda Sports Group Company Limited who purchased the Company’s securities issued in connection with the Company’s July 2019 initial public stock offering (“IPO”).
Wanda Sports and certain of its executives are charged with failing to disclose material information in its IPO Registration Statement and Prospectus, violating federal securities laws.
The alleged false and misleading statements and omissions include, but are not limited to, that: (i) the lack of major sporting events for its Digital, Production, Sports Solutions and Spectator Sports segments for 2Q2019, ending before the IPO, would have a negative impact on revenue for the quarter; (ii) the Company suffered a year-over-year revenue decrease in its second quarter and expected the same for its fiscal year 2019; and (iii) as a result of the foregoing, the Company’s statements were materially false and misleading at all relevant times.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until January 17, 2020 to request that the court appoint them lead plaintiff.