PHILADELPHIA, Nov. 19, 2019 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that a class action lawsuit has been filed against Wanda Sports Group Company Limited (“Wanda” or the “Company”) (Nasdaq: WSG) on behalf of investors who purchased or acquired the Company’s American Depository Shares (“Shares”) in connection with or following Wanda’s July 2019 initial public offering (“IPO”).
Wanda investors are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (888) 715 – 1740, or via http://kaskelalaw.com/case/wanda-sports-group-company-limited/, for additional information about this action and their legal rights and recovery options.
On or about July 26, 2019, Wanda completed its IPO of Shares, selling 23.8 million Shares to investors at $8.00 per Share. In the five months since the time of the IPO, Wanda’s Shares have declined over 50% in value.
According to the complaint, in connection with the Company’s IPO, defendants failed to disclose to investors that: (i) the lack of major sporting events for Wanda’s 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; and (ii) 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 the Company’s DPSS segment and lack of Spectator Sport segment offsets.
Investors who purchased or acquired Wanda’s Shares in connection with or following the Company’s July 2019 IPO may seek to be appointed as a lead plaintiff representative in the action on or before January 17, 2020.
Wanda investors are encouraged to contact Kaskela Law to discuss this action and their legal rights and options. Kaskela Law LLC represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.