NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Momo Inc. (“Momo” or the “Company”) (NASDAQ: MOMO) securities during the period from April 21, 2015 to April 29, 2019 (the “Class Period”). Investors have until July 15, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Momo made false and/or misleading statements and/or failed to disclose that: (i) Momo’s compliance procedures and controls were inadequate to prevent illicit financial reporting activity; (ii) Momo’s social and dating app, Tantan, was materially noncompliant with PRC law and/or regulations; and (iii) Tantan was consequently at an increased risk of being removed from Chinese app stores at the direction of Chinese governmental authorities.
On April 29, 2019, Momo disclosed that the Company’s Tantan social and dating mobile app had been removed from certain mobile app stores at the direction of Chinese authorities. On this news, the price of Momo’s American depository receipts fell $2.51 per share, approximately 6.8%, to close at $34.36 on April 29, 2019.
If you acquired Momo securities during the Class Period, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney’s website: www.kmllp.com.
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