NEW YORK, June 28, 2017 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Weibo Corporation ("Weibo" or the "Company") (NASDAQ: WB) and certain of its officers, on behalf of shareholders who purchased Weibo securities between April 27, 2017 and June 22, 2017, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: http://www.bgandg.com/wb.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements and failed to disclose that: (1) Weibo lacks a requisite internet audio/video program transmission license; (2) Weibo was posting certain commentary programs with content in violation of Chinese government regulations on its site; and (3) consequently, Weibo's public statements were materially false and misleading at all relevant times.
On June 22, 2017, Weibo revealed that it received notice from The State Administration of Press, Publication, Radio, Film and Television of the People's Republic of China (the "SAPPRFT"), 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." Following this news, Weibo stock dropped $4.71 per share or over 6% from its previous closing price to close at $72.25 per share on June 22, 2017, damaging investors.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/wb or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Weibo you have until August 28, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | firstname.lastname@example.org
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