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 March 22, 2021 and March 29, 2021. The action, which was filed in the United States District Court for the Southern District of New York, alleges that Goldman Sachs Group Inc. and Morgan Stanley violated federal securities laws.
In particular, according to the complaint, Goldman Sachs Group Inc. and Morgan Stanley knew that Archegos Capital Management would need to fully liquidate its position in Tencent Music based on margin call pressures. Goldman Sachs Group Inc. and Morgan Stanley then avoided billions of dollars in losses by selling Tencent Music shares while in possession of this material non-public information. When the truth about Tencent Music was revealed, other investors suffered severe losses.
Shareholders have until December 27, 2021 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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