Glancy Prongay & Murray LLP Announces the Filing of a Securities Class Action on Behalf of Momo Inc. Investors
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 Momo Inc. (“Momo” or the “Company”) (NASDAQ: MOMO) securities between April 21, 2015 and April 29, 2019, inclusive (the “Class Period”). Momo investors have until July 15, 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 protected], or visit our website at www.glancylaw.com.
On April 29, 2019, the Company announced that its Tantan social and dating mobile app had been removed from certain mobile phone app stores at the direction of Chinese authorities.
On this news, shares of Momo fell $2.51, or nearly 7%, to close at $34.36 on April 29, 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) Momo’s compliance procedures and controls were inadequate to prevent illicit financial reporting activity; (2) Momo’s social and dating app, Tantan, was materially noncompliant with Chinese law and/or regulations; (3) Tantan was consequently at an increased risk of being removed from Chinese app stores at the direction of Chinese governmental authorities; and (4) as a result, Momo’s public statements were materially false and misleading at all relevant times.
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If you purchased shares of Momo during the Class Period you may move the Court no later than July 15, 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 [email protected], 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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