Shareholder Alert: Robbins LLP Announces Wanda Sports Group Co. Ltd. (WSG) Sued for Misleading Shareholders
November 20 2019 - 12:04PM
Business Wire
Shareholder rights law firm Robbins LLP announces that another
purchaser of Wanda Sports Group Co. Ltd. (NASDAQ: WSG) has sued the
Company for alleged violations of the Securities Act of 1933
pursuant to its July 2019 initial public offering ("IPO"). Wanda
Sports Group operates as a sports events, media, and marketing
platform worldwide.
If you suffered a loss as a result of Wanda Sports' misconduct,
click here.
Wanda Sports Group, Inc. (WSG) Accused of Misleading
Investors in IPO
Wanda Sports completed its IPO on July 29, 2019, offering 23.8
million American Depositary Shares ("ADSs") at $8.00 per ADS and
raising more than $190 million in net proceeds. In Wanda Sports'
Registration Statement, the Company touted increased revenue for
the years ended December 31, 2017 and 2018 and for its first
quarter 2019. Despite its positive statements, Wanda failed to
disclose the lack of major sporting events for its Digital,
Production, Sports Solutions ("DPSS") and Spectator Sports segments
for its second quarter, which ended before its IPO, would
negatively impact the Company's revenue. This impact was revealed
on September 6, 2019, when Wanda Sports' CEO resigned and the
Company reported poor financial results for second quarter of 2019,
including a 70% year-over-year decrease in revenue from its DPSS
segment and a 6% decrease year-over-year in its Spectator Sports
segment. Wanda Sports Group's ADSs currently trade at around $3.00,
representing a 62% decline from its IPO price.
Wanda Sports Group Co. Ltd. (WSG) Shareholders Have Legal
Options
Contact us to learn more: Leo Kandinov (800) 350-6003
LKandinov@robbinsllp.com Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action
lawsuits, and has helped its clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. Click here to receive free alerts from Stock Watch when
companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: https://www.businesswire.com/news/home/20191120005748/en/
Leo Kandinov Robbins LLP 5040 Shoreham Place San Diego, CA 92122
LKandinov@robbinsllp.com (619) 525-3990 or Toll Free (800) 350-6003
www.robbinsllp.com
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