The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Wanda Sports Group Company Limited (NASDAQ: WSG) securities purchased pursuant and/or traceable to the registration statement and related prospectus issued in connection with Wanda Sports’ July 26, 2019 initial public offering. The action, which was filed in the United States District Court for the District of Oregon, alleges that the Company violated federal securities laws.
In particular, the Wanda lawsuit alleges that (1) the lack of major sporting events for its Digital, Production, Sports Solutions (“DPSS”) and Spectator Sports segments for its second quarter of 2019, ending before the initial public offering, would negatively impact revenue for the second quarter of 2019; (2) Wanda Sports had suffered a year-over-year decrease in revenue in its second quarter ended June 30, 2019 and would for its fiscal year 2019, primarily related to lower reimbursement revenues accounted for in its DPSS segment and lack of Spectator Sport segment offsets; and (3) as a result, Defendants’ statements about the Company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Shareholders have until January 17, 2020 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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