NEW YORK, April 13, 2015 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Weibo Corporation ("Weibo" or the "Company") (NASDAQ: WB). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 237.
The investigation concerns whether Weibo and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
Weibo, which is often referred to as China's Twitter, is operated by SINA Corporation (SINA), which owns 56% of Weibo's shares. On April 10, 2015, a report published by Reuters stated that executives from SINA were summoned to a meeting with the Cyberspace Administration of China ("CAC") and criticized for spreading "illegal information" and "violating social morality," according to a statement from CAC. The CAC also stated that it would "punish SINA to strengthen supervision and management of news web sites."
On this news, shares of Weibo fell $0.58 per share, to $14.30, or more than 3.90%, in intra-day trading on April 13, 2015.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP