Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Weibo Corporation (NASDAQ:WB) in connection to alleged violations of securities laws by WB. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Weibo Corporation between April 27, 2017 and June 22, 2017.
The class action complaint specifically alleges that during the period in question, WB might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, namely: that the company does not possess a particular license for the transmission of audio and video over the internet; that it published particular posts that contained content violating government regulations in China; and that consequently its statements to the public during the relevant period were false and misleading. When true details emerged, according to the complaint, investors suffered damages.
According to the company’s website, Weibo “is a leading social media platform for people to create, distribute and discover Chinese-language content.” The company’s description continues: “Weibo combines the means of public self-expression in real time with a powerful platform for social interaction, as well as content aggregation and distribution. Any user can create and post a feed and attach multimedia or long-form content. User relationships on Weibo may be asymmetric; any user can follow any other user and add comments to a feed while reposting. The simple, asymmetric and distributed nature of Weibo allows an original feed to become a live viral conversation stream.”
A class action lawsuit has already been filed in connection Weibo Corporation. If you wish to serve as lead plaintiff in the WB lawsuit, you must move the Court no later than August 28, 2017. If you wish to join the litigation, please contact Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.