The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Tencent Music Entertainment Group (NYSE: TME) who purchased shares between December 12, 2018 and August 26, 2019. The action, which was filed in the United States District Court for the Eastern District of New York, alleges that the Company violated federal securities laws.
In particular, the Tencent lawsuit alleges 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.
Shareholders have until November 25, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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