LOS ANGELES–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24MOMO&src=ctag” target=”_blank”gt;$MOMOlt;/agt; lt;a href=”https://twitter.com/hashtag/CLASSACTION?src=hash” target=”_blank”gt;#CLASSACTIONlt;/agt;–Glancy
Prongay & Murray LLP (“GPM”), a national investors rights law
firm, announces that a class action lawsuit has been filed on behalf of
investors that acquired Momo Inc. (“Momo” or the “Company”) (NASDAQ: MOMO)
securities between April 21, 2015 and April 29, 2019, inclusive
(the “Class Period”). Momo investors have until July 15, 2019 to
file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here
to participate.
If you wish to learn more about this action, or if you have any
questions concerning this announcement or your rights or interests with
respect to these matters, please contact Lesley Portnoy, Esquire, at
310-201-9150, Toll-Free at 888-773-9224, or by email to [email protected],
or visit our website at www.glancylaw.com.
On April 29, 2019, the Company announced that its Tantan social and
dating mobile app had been removed from certain mobile phone app stores
at the direction of Chinese authorities.
On this news, shares of Momo fell $2.51, or nearly 7%, to close at
$34.36 on April 29, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the
Class Period, Defendants made materially false and/or misleading
statements, as well as failed to disclose material adverse facts about
the Company’s business, operations, and prospects. Specifically,
Defendants failed to disclose to investors: (1) Momo’s compliance
procedures and controls were inadequate to prevent illicit financial
reporting activity; (2) Momo’s social and dating app, Tantan, was
materially noncompliant with Chinese law and/or regulations; (3) Tantan
was consequently at an increased risk of being removed from Chinese app
stores at the direction of Chinese governmental authorities; and (4) as
a result, Momo’s public statements were materially false and misleading
at all relevant times.
Follow us for updates on Twitter: twitter.com/GPM_LLP.
If you purchased shares of Momo during the Class Period you may move the
Court no later than July 15, 2019 to ask the Court to
appoint you as lead plaintiff. To be a member of the Class you need not
take any action at this time; you may retain counsel of your choice or
take no action and remain an absent member of the Class. If you wish
to learn more about this action, or if you have any questions concerning
this announcement or your rights or interests with respect to these
matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century
Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150,
Toll-Free at 888-773-9224, by email to [email protected],
or visit our website at www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts
Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy,
310-201-9150 or 888-773-9224
www.glancylaw.com
[email protected]
