NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Weibo Corporation (“Weibo” or the “Company”) (NASDAQ:WB) of the August 28, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
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The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased Weibo securities between April 27, 2017 and June 22, 2017 (the “Class Period”). The case, Goldsmith v. Weibo Corporation., No. 2:17-cv-04728 was filed on June 27, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws. Throughout the Class Period Weibo made false and/or misleading statements and/or failed to disclose that: (1) Weibo lacks a requisite internet audio/video program transmission license; (2) Weibo was posting certain commentary programs with content in violation of Chinese government regulations on its site; and (3) as a result, Weibo's public statements were materially false and misleading at all relevant times.
Specifically, On June 22, The Wall Street Journal published an article stating that the State Administration of Press, Publication, Radio, Film and Television of the People’s Republic of China ordered Weibo to stop streaming political videos that were not in line with government regulations.
After the announcement, Weibo’s share price fell from $76.96 per share on June 21, 2017 to a closing price of $72.25 on June 22, 2017—a $4.71 or a 6.52% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Weibo’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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Source : http://www.businesswire.com/news/home/20170627006435/en/WEIBO-LEAD-PLAINTIFF-DEADLINE-ALERT-Faruqi-Faruqi