LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a national investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that acquired Tencent Music Entertainment Group (“Tencent” or the “Company”) (NYSE: TME) securities between December 12, 2018 and August 26, 2019, inclusive (the “Class Period”). Tencent investors have until November 25, 2019 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to email@example.com, or visit our website at www.glancylaw.com.
On August 27, 2019, Bloomberg reported that China’s antitrust authority is investigating exclusive licensing deals between Tencent and major record labels including, Universal Music Group, Sony Music Entertainment, and Warner Music Group.
On this news, Tencent’s American depositary receipt price fell $0.92 per share, or nearly 7%, to close at $12.57 per share on August 27, 2019, thereby injuring investors.
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: (1) that Tencent Music's exclusive licensing arrangements with major record labels were anticompetitive; (2) that consequently, sublicensing such content from Tencent Music was unreasonably expensive, in violation of Chinese antimonopoly laws; (3) that these anticompetitive efforts were reasonably likely to lead to regulatory scrutiny; and (4) that 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.
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If you purchased shares of Tencent during the Class Period you may move the Court no later than November 25, 2019 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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