New York, New York--(Newsfile Corp. - November 18, 2019) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Tencent Music Entertainment Group ("Tencent Music" or the "Company") (NYSE: TME) of the November 25, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
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If you invested in Tencent Music stock or options between December 12, 2018 and August 26, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/TME. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all those who purchased Tencent Music securities between December 12, 2018 and August 26, 2019, inclusive (the "Class Period"). The case, Gordon v. Tencent Music Entertainment Group, No. 1:19-cv-05465, was filed on September 26, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) Tencent Music's exclusive licensing arrangements with major record labels were anticompetitive; (2) consequently, sublicensing such content from Tencent Music was unreasonably expensive, in violation of Chinese antimonopoly laws; (3) these anticompetitive efforts were reasonably likely to lead to regulatory scrutiny; and (4) 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 reported that China's antitrust authority, the State Administration of Market Regulation, was investigating the 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 stock fell from $13.49 on August 26, 2019 to $12.57 on August 27, 2019-a $0.92 or a 6.82% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Tencent Music's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
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