NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of all investors that purchased Tencent Music Entertainment Group (NYSE: TME) securities between December 12, 2018 and August 26, 2019 (“the “Class Period”). Investors have until November 25, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
On August 27, 2019, Bloomberg reported that the State Administration of Market Regulation, China’s antitrust authority, was investigating exclusive licensing deals between Tencent Music and major record labels including Universal Music Group, Sony Music Entertainment, and Warner Music Group.
On this news, Tencent Music’s American depositary share price fell $0.92 per share, or 6.83%, to close at $12.57 per share on August 27, 2019.
The complaint, filed on September 26, 2019, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Tencent Music’s exclusive licensing arrangements with major record labels were anticompetitive; (2) consequently, sublicensing such content from Tencent Music 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.
If you purchased Tencent Music securities during the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Tencent Music lawsuit, please go to https://bespc.com/tme. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.