TME INVESTOR ALERT: Bernstein Liebhard LLP Announces the Filing of a Securities Class Action Lawsuit Against Tencent Music Entertainment Group
NEW YORK, Sept. 27, 2019 /PRNewswire/ -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of Tencent Music Entertainment Group ("Tencent" or the "Company") (NYSE: TME) between December 12, 2018 and August 26, 2019, inclusive (the "Class Period"). The lawsuit filed in the United States District Court for the Eastern District of New York alleges violations of the Securities Exchange Act of 1934.
If you purchased Tencent securities, and/or would like to discuss your legal rights and options please visit Tencent Shareholder Class Action Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected].
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Tencent's exclusive licensing arrangements with major record labels were anticompetitive; (2) consequently, sublicensing such content from Tencent was unreasonably expensive, in violation of Chinese antimonopoly laws; (3) these anticompetitive efforts were reasonably likely to lead to regulatory scrutiny; and (4) as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On August 27, 2019, Bloomberg reported that China's antitrust authority, the State Administration of Market Regulation, was investigating the exclusive licensing deals between Tencent and major record labels including Universal Music Group, Sony Music Entertainment, and Warner Music Group.
On this news, Tencent American Depositary Shares ("ADSs") fell $0.92 per share or 6.8% to close at $12.57 per share on August 27, 2019.
If you purchased Tencent securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/tencentmusicentertainmentgroup-tme-shareholder-class-action-lawsuit-stock-fraud-189/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected].
If you wish to serve as lead plaintiff, you must move the Court no later than November 25, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
[email protected]
SOURCE Bernstein Liebhard LLP
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