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Weibo Corp (ADR) (NASDAQ: WB) Investor Securities Class Action Lawsuit 06/27/2017

  • If you purchased shares of Weibo Corp (ADR) (NASDAQ: WB), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Weibo Corp
Security
NASDAQ: WB

Case Name
Weibo Shareholder Class Action Lawsuit 06/27/2017
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of New Jersey

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

June 7, 2018 - The court granted defendants' motion to dismiss.

January 26, 2018 -A motion to dismiss the amended consolidated complaint was filed.

November 27, 2017 - An amended consolidated complaint was filed.

June 27, 2017 - An investor in shares of Weibo Corp (ADR) (NASDAQ: WB) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by Weibo Corp in connection with certain allegedly false and misleading statements made between April 27, 2017 and June 22, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Weibo Corp (ADR) (NASDAQ: WB) common shares between April 27, 2017 and June 22, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between April 27, 2017 and June 22, 2017, the defendants made false and/or misleading statements and/or failed to disclose that Weibo Corp lacks a requisite internet audio/video program transmission license, that Weibo Corp was posting certain commentary programs with content in violation of Chinese government regulations on its site, and that as a result, Defendants’ public statements were materially false and misleading at all relevant times When the true details entered the market, the lawsuit claims that investors suffered damages.

On June 22, 2017, Weibo Corp revealed that it received notice from The State Administration of Press, Publication, Radio, Film and Television of the People’s Republic of China requesting that local authorities “take measures to suspend several companies’ video and audio services due to their lacking of an internet audio/video program transmission license and posting of certain commentary programs with content in violation of government regulations on their sites.”