LEAD PLAINTIFF DEADLINE IS NOVEMBER 25, 2019
NEW YORK, Oct. 01, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federalsecurities class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of all investors that purchased American Depositary Receipts (“ADR’s”) of Tencent Music Entertainment Group (TME) between December 12, 2018 and August 26, 2019, inclusive (“the “Class Period”).
Investors who purchased ADR’s of Tencent Music Entertainment Group are urged to contact the firm immediately at firstname.lastname@example.org or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred losses in the ADR’s of Tencent Music Entertainment Group, you may, no later than November 25, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the ADR’s of Tencent Music Entertainment Group
The filed complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that:
- Tencent Music’s exclusive licensing arrangements with major record labels were anticompetitive;
- consequently, sublicensing such content from Tencent Music was unreasonably expensive, in violation of Chinese antimonopoly laws;
- these anticompetitive efforts were reasonably likely to lead to regulatory scrutiny; and
- 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.
On August 27, 2019, Bloomberg News reported that the State Administration of Market Regulation, China’s antitrust authority, was investigating exclusive licensing deals between Tencent Music and major record labels including Universal Music Group, Sony Music Entertainment, and Warner Music Group.
On this news, Tencent Music’s ADR price fell $0.92 per share, or 6.83%, to close at $12.57 per share on August 27, 2019.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at email@example.com, or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: firstname.lastname@example.org, email@example.com or firstname.lastname@example.org
Tel: (800) 575-0735 or (212) 545-4774
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