The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Weibo Corporation (NASDAQ: WB) who purchased shares between April 27, 2017 and April 28, 2016. The action, which was filed in the United States District Court for the Northern District of California, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that (1) Weibo lacks a requisite internet audio/video program transmission license; and (2) Weibo was posting certain programs with content in violation of Chinese government regulations on its site. On June 22, 2017, Weibo announced receipt of a notice from The State Administration of Press, Publication, Radio, Film and Television of the People’s Republic of China (the “SAPPRFT”). The notice requests that local authorities “take measures to suspend several companies’ video and audio services due to their lacking of an internet audio/video program transmission license and posting of certain commentary programs with content in violation of government regulations on their sites.”
Shareholders have until August 28, 2017 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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