Join The Class Action Suit
Company: Wanda Sports Group Company Limited
Class Period: July 26, 2019 — September 6, 2019
Court: U.S.D.C. – District of Oregon
Kaskela Law LLC announces that a class action lawsuit has been filed against Wanda Sports Group Company Limited (“Wanda” or the “Company”) (Nasdaq: WSG) on behalf of investors who purchased or acquired the Company’s American Depository Shares (“Shares”) in connection with or following Wanda’s July 2019 initial public offering (“IPO”).
On or about July 26, 2019, Wanda completed its IPO of Shares, selling 23.8 million Shares to investors at $8.00 per Share. In the five months since the time of the IPO, Wanda’s Shares have declined over 50% in value.
According to the complaint, in connection with the Company’s IPO, defendants failed to disclose to investors that: (i) the lack of major sporting events for Wanda’s 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; and (ii) 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 the Company’s DPSS segment and lack of Spectator Sport segment offsets.
Investors who purchased or acquired Wanda’s Shares in connection with or following the Company’s July 2019 IPO may seek to be appointed as a lead plaintiff representative in the action on or before January 17, 2020.
Wanda investors who purchased the Company’s Shares between July 26, 2019 and September 6, 2019 are encouraged to contact Kaskela Law LLC at (888) 715–1740, or by completing the information form on this page, to receive additional information about this action and their legal rights and recovery options.