BENSALEM, Pa.–(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;–Law Offices of Howard G. Smith reminds investors of the upcoming July
15, 2019 deadline to file a lead plaintiff motion in the class
action filed on behalf of investors who purchased Momo Inc. (“Momo” or
the “Company”) (NASDAQ: MOMO)
securities between April 21, 2015 and April 29, 2019, inclusive
(the “Class Period”).
Investors suffering losses on their Momo investments are encouraged to
contact the Law Offices of Howard G. Smith to discuss their legal rights
in this class action at 888-638-4847 or by email to [email protected].
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.
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 if you meet certain legal requirements. To
be a member of the class action 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 action. If you wish to learn more about
this class action, or if you have any questions concerning this
announcement or your rights or interests with respect to these matters,
please contact Howard G. Smith, Esquire, of Law Offices of Howard G.
Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by
telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected],
or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com
