NEW YORK–(BUSINESS WIRE)–$MOMO #classaction–The law firm of Kirby
McInerney LLP announces that a class action lawsuit has been filed
in the U.S. District Court for the Southern District of New York on
behalf of those who acquired Momo Inc. (“Momo” or the “Company”)
securities during the period from April 21, 2015 to April 29, 2019 (the
“Class Period”). Investors have until July 15, 2019 to apply to the
Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Momo made false and/or misleading statements
and/or failed to disclose that: (i) Momo’s compliance procedures and
controls were inadequate to prevent illicit financial reporting
activity; (ii) Momo’s social and dating app, Tantan, was materially
noncompliant with PRC law and/or regulations; and (iii) Tantan was
consequently at an increased risk of being removed from Chinese app
stores at the direction of Chinese governmental authorities.
On April 29, 2019, Momo disclosed that the Company’s Tantan social and
dating mobile app had been removed from certain mobile app stores at the
direction of Chinese authorities. On this news, the price of Momo’s
American depository receipts fell $2.51 per share, approximately 6.8%,
to close at $34.36 on April 29, 2019.
If you acquired Momo securities during the Class Period, have
information, or would like to learn more about these claims, please
W. Elrod of Kirby McInerney at 212-371-6600, by email at email@example.com,
or by filling out this
contact form, to discuss your rights or interests with respect to
these matters without any cost to you.
McInerney is a New York-based plaintiffs’ law firm concentrating in
securities, antitrust, and whistleblower litigation. The firm’s efforts
on behalf of shareholders in securities litigation have resulted in
recoveries totaling billions of dollars. Additional information about
the firm can be found at Kirby McInerney’s website: www.kmllp.com.
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jurisdictions under the applicable law and ethical rules.