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Wanda Sports Group Company Limited (NASDAQ: WSG) Investor Securities Class Action Lawsuit 11/19/2019

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Lawsuit Overview

Case Dismissed
Company
Wanda Sports Group Company Limited
Security
NASDAQ: WSG

Case Name
Wanda Sports Group Shareholder Class Action Lawsuit 11/19/2019
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Oregon

Deadline To File for Lead
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Summary

May 18, 2020 - The case was voluntarily dismissed.

November 18, 2019 - An investor in shares of Wanda Sports Group Company Limited (NASDAQ: WSG) filed a lawsuit in the U.S. District Court for the District of Oregon over alleged violations of Federal Securities Laws by Wanda Sports Group Company Limited in connection with certain allegedly false and misleading statements issued in connection with the July 2019 initial public stock offering (the “IPO”).

China based Wanda Sports Group Company Limited operates as a sports events, media, and marketing platform worldwide. Wanda Sports Group Company Limited (NASDAQ: WSG) went public in July 2019 and sold 23.8 million ADS at $8 per share. Wanda Sports Group Company Limited (NASDAQ: WSG) raised $190.4 million in its initial public offering. However, since the IPO, shares of Wanda Sports Group Company Limited (NASDAQ: WSG) declined to as low as $3.85 per share on October 2, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Wanda Sports Group Company Limited (NASDAQ: WSG) common shares, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that the Registration Statement that was filed in connection with the July 2019 IPO allegedly featured false and/or misleading statements and/or failed to disclose that 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, that Wanda Sports Group Company Limited 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 that 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.