NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, reminds investors that a class action lawsuit has been filed in the United States District Court for the District of Oregon on behalf of investors that purchased Wanda Sports Group Company Limited (NASDAQ: WSG) securities pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with Wanda Sports’ July 26, 2019 initial public offering (“IPO”). Investors have until January 17, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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In July 2019, Wanda Sports held its IPO, issuing approximately 23.8 million American Depository Shares (“ADSs”) at $8.00 per share, pursuant to the Registration Statement. Wanda Sports’ shares have lost nearly 60% of their value, closing at $2.78 on November 18, 2019.
The complaint, filed on November 18, 2019, alleges that defendants made statements that were materially false and/or misleading because they misrepresented and failed to disclose the following adverse facts pertaining to the Company’s business, operations and prospects: (1) the lack of major sporting events for its 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) 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) as a result, defendants’ statements about the Company’s 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 and/or traceable to the Registration Statement issued in connection with the Company’s IPO, 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.
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