BEIJING, May 19, 2020 /PRNewswire/ -- Wanda Sports Group
Company Limited (the "Company," and together with its consolidated
entities, "Wanda Sports Group," or "we") (NASDAQ: WSG), a leading
global sports events, media and marketing platform, announced today
that the consolidated securities class action complaint against the
Company, the underwriters in the IPO and certain of its current and
former directors has been voluntarily dismissed in its entirety,
without prejudice, by the lead plaintiff (the "The Notice of
Dismissal without Prejudice").
As previously disclosed in the Company's SEC filings, the
Company, the underwriters in the IPO and certain of the Company's
current and former directors were named as defendants in a putative
securities class action filed in the
United States District Court for the District of
Oregon: Cherry
Fu v. Wanda Sports Group Company Limited et al., Civil
Action No. 3:19-cv-1852-BR (filed on November 18, 2019). The Notice of Dismissal
without Prejudice was filed on May 18,
2020.
The Company and its directors were represented in the matter by
the law firm of Simpson Thacher & Bartlett LLP.
About Wanda Sports Group
Wanda Sports Group is a leading global sports events, media and
marketing platform with a mission to unite people in sports and
enable athletes and fans to live their passions and dreams. Through
its businesses, including Infront and, pending its sale, The
IRONMAN Group, it has significant intellectual property rights,
long-term relationships and broad execution capabilities, enabling
it to deliver unrivalled sports event experiences, creating access
to engaging content and building inclusive communities. Wanda
Sports Group offers a comprehensive array of events, marketing and
media services through its three primary segments: Spectator
Sports, Digital, Production, Sports Solutions (DPSS) and Mass
Participation. Wanda Sports Group's full-service platform creates
value for its partners and clients as well as other stakeholders in
the sports ecosystem, from rights owners, to brands and
advertisers, and to fans and athletes.
Headquartered in China, Wanda
Sports Group has more than 60 offices and 1,600 employees around
the world. For more information, please visit
http://investor.wsg.cn/investor-relations.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements include but are not limited to
management quotes and our financial outlook. These forward-looking
statements can be identified by terminology such as "will,"
"estimate," "project," "predict," "believe," "expect,"
"anticipate," "intend," "potential," "plan," "goal" and similar
statements. We may also make written or oral forward-looking
statements in our periodic reports to the U.S. Securities and
Exchange Commission ("SEC"), in our annual report to shareholders,
in press releases and other written materials and in oral
statements made by our officers, directors or employees to third
parties. Such statements involve certain risks and uncertainties
that could cause actual results to differ materially from those
expressed or implied in the forward-looking statements and,
consequently, could be affected by the uncertain and unprecedented
impact of COVID-19 on our business and operations and the related
impact on our liquidity needs. These forward-looking statements
include, but are not limited to, statements about: the impact of
the spread of COVID-19 and related mitigation efforts on our
business, operations and operating results; our goals and
strategies, including following the completion of the sale of the
IRONMAN Group; the expected growth in our industry; our
expectations regarding our ability to attract rights-in partners
and monetize their rights through rights-out arrangements; changes
in consumer behavior and consumer and corporate spending, including
as a result of the COVID-19 crisis; our ability to reach acceptable
levels of engagement with our athletes following the COVID-19
crisis; our future business development, results of operations
and financial condition; competition in our industry; general
economic and business conditions, including as a result of the
COVID-19 crisis; and assumptions underlying or related to any of
the foregoing as well as risks, uncertainties, and other factors
described in "Risk Factors" and elsewhere in our registration
statement on Form F-1, which is available on the SEC's website
at www.sec.gov. Additional information will be made available
in our annual report on Form 20-F for the year ended December
31, 2019 and other filings that we make from time to time with
the SEC.
In addition, any forward-looking statements contained in this
press release are based on assumptions that we believe to be
reasonable as of this date. We undertake no obligation to update
any forward-looking statements to reflect events or circumstances
after the date of this press release or to reflect new information
or the occurrence of unanticipated events, except as required by
law.
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SOURCE Wanda Sports Group Company Limited