NEW YORK, Sept. 27, 2024 (GLOBE NEWSWIRE) — Lowy Dannenberg PC, a leading consumer and investor relief law firm, has announced its lawsuit against WEBTOON Entertainment Inc. (“Webtoon” or “”) announced the filing of a class action lawsuit. Webtoon Common Shares pursuant to and/or pursuant to an issued registration statement and prospectus (collectively, the “Registration Statement”); (NASDAQ: WBTN) in connection with the Company’s June 2024 initial public offering (the “IPO” or “Initial Public Offering”) on behalf of individuals and entities that purchased or acquired the Company’s federal securities laws.
On September 5, 2024, a complaint was filed against the Company and certain officers, alleging that the registration statement was materially false and misleading and omitted the following information: (1) The Company’s advertising revenue growth has slowed. (2) the Company experienced a slowdown in intellectual property adaptation revenues; (3) The Company experienced the effects of foreign currency depreciation that offset revenue growth. (4) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis, causing distress to investors;
When investors learned the truth, Webtoon’s common stock plummeted, harming investors.
If you suffered a loss of $50,000 or more on Webtoon securities and would like to participate or would like more information, click here or contact an attorney at (914) 733-7256 or email Andrea Farah (afarah Please contact us at (@lowey.com). or Vincent R. Cappucci Jr. (vcappucci@lowey.com).
Investors who wish to serve as lead plaintiff must act by November 4, 2024.
About Loewy Dannenberg
Lowey Dannenberg is a national firm that represents institutional and individual investors who have suffered financial loss due to corporate fraud and fraud in violation of federal securities and antitrust laws. The firm has extensive experience litigating multi-million dollar lawsuits and has recovered billions of dollars on behalf of its clients.
contact:
Loewy Dannenberg PC
44 South Broadway, Suite 1100
White Plains, NY 10601
Phone: (914) 733-7234
Email: Investigation@lowey.com
Source: Lowey Dannenberg PC