Wanda Sports Group Company Limited
Lead Plaintiff Deadline: 01/17/2020
SUMMARY OF CASE:
A securities class action has been filed against Wanda Sports Group Company Limited (WSG) on behalf of all purchasers of Wanda Sports common stock between July 26, 2019 through November 18, 2019. This case has been filed in the USDC – N OR.
On July 26, 2019, Wanda Sports conducted its IPO, selling approximately 24 million American Depositary Shares (“ADSs”) at $8.00 per ADS, raising more than $190 million. Since the IPO, Wanda Sports reported a 30% decrease in year-over-year revenue for the second quarter of 2019 and announced an expected decrease in year-over-year revenue for fiscal year 2019. The Company’s Board and management has also changed substantially since the IPO in late July. Wanda Sports’s securities have consistently traded well below the IPO price, damaging investors.
On July 29, 2019, Wanda sports filed with the SEC the final prospectus for the IPO of coirmon stock on Form 42484 (the “Prospectus”), which forms part of the Registration Statement. In the IPO, Wanda Sports sold 23.8 million ADSs at $8.00 per ADS. The Company received gross proceeds of approximately $ 190.4 million The Complaint alleges that the Registration statement was negligently prepared and, as a result, contained untrue statements of material facts or omitted to state other facts necessary to make the statements made not misleading, and was not prepared in accordance with the rules and regulations governing its preparation.