Wanda Deadline Alert: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 Investing In Wanda Sports Group Company Limited To Contact The Firm
NEW YORK, NY - ( NewMediaWire ) - January 14, 2020 - Faruqi Faruqi, LLP, a leading national securities law firm, reminds investors in Wanda Sports Group Company Limited (“Wanda’” or the “Company”) (NASDAQ:WSG) of the January 21, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Wanda stock or options pursuant and/or traceable to the Company’s July 26, 2019 initial public offering (“IPO”)and would like to discuss your legal rights, click here: www.faruqilaw.com/WSG. There is no cost or obligation to you.
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The lawsuit has been filed in the U.S. District Court for the District of Oregon on behalf of all those who purchased Wanda securities pursuant and/or traceable to the Company’s July 26, 2019 IPO. The case, Fu v. Wanda Sports Group Company Limited. et al., No. 19-cv-01852 was filed on November 18, 2019, and has been assigned to Anna J. Brown.
On July 26, 2019, Wanda conducted its IPO, selling approximately 24 million American Depositary Shares (“ADSs”) at $8.00 per ADS, raising more than $190 million. Since the IPO, Wanda reported a 30% decrease in year-over-year revenue for the second quarter of 2019 and announced an expected decrease in year-over-year revenue for fiscal year 2019. The Company’s Board and management has also changed substantially since the IPO.
According to the lawsuit, the Registration Statement featured false and/or misleading statements and/or failed to disclose that: (1) the lack of major sporting events for its Digital, Production, Sports Solutions (“DPSS”) and Spectator Sports segments for its second quarter of 2019, ending before the IPO, would negatively impact revenue for the second quarter of 2019; (2) Wanda Sports had suffered a year-over-year decrease in revenue in its second quarter ended June 30, 2019 and would for its fiscal year 2019, primarily related to lower reimbursement revenues accounted for in its DPSS segment and lack of Spectator Sport segment offsets; and (3) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On September 6, 2019, Wanda announced the resignation of its CEO and the Company reported poor financial results for second quarter of 2019, including a 70% year-over-year decrease in revenue from its DPSS segment and a 6% decrease year-over-year in its Spectator Sports segment.
Since Wanda’s IPO, the Company’s share price has declined from its IPO price of $8.00 by over 60%.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi Faruqi, LLP also encourages anyone with information regarding Wanda’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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