A lawsuit was filed on behalf of investors in Momo Inc. (NASDAQ: MOMO) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 05/28/2019 -- An investor, who purchased shares of Momo Inc. (NASDAQ: MOMO), filed a lawsuit in the U.S. over alleged violations of Federal Securities Laws by Momo Inc.
Investors who purchased shares of Momo Inc. (NASDAQ: MOMO) have certain options and for certain investors are short and strict deadlines running. Deadline: July 15, 2019. NASDAQ: MOMO investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
China based Momo Inc. operates a mobile-based social and entertainment platform in the People's Republic of China. On June 27, 2018, a short seller report was published on Momo, recommending a "strong sell" opinion on the Company's shares citing, inter alia, possible compliance issues under PRC regulation. According to several agencies cited throughout the report, Momo had a reputation for being a "sex cam" service—i.e., Momo users were using Momo's services for illicit sexual content. The report highlighted how these services put Momo at an increased risk of violating the Ministry of Commerce's ("MOC") and the State Administration of Radio, Film and TV's ("SARFT") new regulations limiting the behavior of live streamers and raising accountability for platforms. The report also alleged various illicit financial reporting activity by Momo.
On April 29, 2019, Momo Inc. announced that the Tantan social and dating mobile app had been removed from certain mobile app stores at the direction of Chinese authorities
The plaintiff claims that between April 21, 2015 and April 29, 2019, the defendants made false and/or misleading statements and/or failed to disclose that Momo's compliance procedures and controls were inadequate to prevent, inter alia, illicit financial reporting activity, that Momo's social and dating app, Tantan, was materially noncompliant with PRC law and/or regulations, that Tantan was consequently at an increased risk of being removed from Chinese app stores at the direction of Chinese governmental authorities, and that as a result, Momo's public statements were materially false and misleading at all relevant times.
Those who purchased shares of Momo Inc. (NASDAQ: MOMO) have certain options and should contact the Shareholders Foundation.
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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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