World News: 16:43 GMT Friday 12th July 2019. [Zhang Investor Law P.C. via Globe Newswire via SPi World News]
NEW YORK, July 12, 2019 (GLOBE NEWSWIRE) -- Zhang Investor Law announces the filing of a class action lawsuit on behalf of shareholders who bought shares of Momo Inc. (NASDAQ: MOMO) from April 21, 2015 through April 29, 2019, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Momo investors under the federal securities laws.
If you wish to serve as lead plaintiff, you must move the Court no later than . A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation or to discuss your rights or interests regarding this class action, please contact Sophie Zhang, Esq. or Spencer Lee toll-free at 800-991-3756 or email , for information on the class action.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Momo’s compliance procedures and controls were inadequate to prevent illicit financial reporting activity; (2) Momo’s social and dating app, Tantan, was materially noncompliant with PRC law and/or regulations; (3) Tantan was consequently at an increased risk of being removed from Chinese app stores at the direction of Chinese governmental authorities; and (4) as a result, Momo’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class has not been certified. You may retain counsel of your choice. You may take no action at this time and be an absent class member. Your ability to obtain a recovery is not dependent upon being a lead plaintiff.
Zhang Investor Law represents investors worldwide. Attorney Advertising. Prior results do not guarantee future results.
Zhang Investor Law P.C. 99 Wall Street, Suite 232 New York, New York 10005 tel: (800) 991-3756
Globe Newswire: 16:43 GMT Friday 12th July 2019
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