BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Wanda Sports Group Company Limited (“Wanda Sports” or the “Company”) (NASDAQ: WSG) Wanda Sports securities pursuant and/or traceable to the registration statement and related prospectus (collectively, the "Registration Statement") issued in connection with the Wanda Sports July 2019 initial public stock offering (the "IPO" or the "Offering"). Wanda Sports investors have until January 17, 2020 to file a lead plaintiff motion.
Investors suffering losses on their Wanda Sports investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
In July 2019, Wanda Sports held its IPO, issuing approximately 23.8 million American Depository Shares (“ADSs”) at $8.00 per share.
On September 9, 2019, the Company reported its second quarter 2019 financial results, reporting a 30% decrease in revenue over the prior year period “primarily attributable to decreased revenue from the Digital Production, Sports Solutions (DPSS) segment.”
Since the IPO, Wanda Sports’ shares have dropped $5.25, or over 65%, closing at $2.75 on November 22, 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 the lack of major sporting events for its Digital, Production, Sports Solutions ("DPSS") and Spectator Sports segments for its second quarter of 2019, ending before the IPO, would negatively impact revenue for the second quarter of 2019; (2) that Wanda Sports had suffered a year-over-year decrease in revenue in its second quarter ended June 30, 2019 and would for its fiscal year 2019, primarily related to lower reimbursement revenues accounted for in its DPSS segment and lack of Spectator Sport segment offsets; and (3) 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.
If you purchased Wanda Sports securities pursuant to the Registration Statement, have information or 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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