SAN DIEGO, Sept. 27, 2024 (GLOBE NEWSWIRE) -- Shareholder rights law firm Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of investors of WEBTOON Entertainment Inc. (NASDAQ: WBTN). The lawsuit seeks to recover losses on behalf of investors who acquired securities pursuant and/or traceable to the Company's initial public offering conducted in June 2024 (the "IPO"). If you wish to serve as lead plaintiff, you must move the Court no later than November 4, 2024.
If you incurred significant losses and want to act as the lead plaintiff in the WEBTOON Entertainment class action lawsuit or determine if you are eligible to receive a potential recovery of your losses, please submit your details here: SUBMIT YOUR INFORMATION NOW
For more information, contact James Baker, (619) 814-4471, jimb@johnsonfistel.com or fjohnson@johnsonfistel.com
According to the lawsuit, the Registration Statement made materially false and/or misleading statements and/or failed to disclose WEBTOON's business, operations, and prospects. Specifically, defendants failed to disclose to investors that: (1) WEBTOON experienced a deceleration in advertising revenue growth; (2) WEBTOON experienced a deceleration in intellectual property ("IP") adaptations revenue; (3) WEBTOON experienced exposure to weaker foreign currencies which offset revenue growth; (4) as a result of the foregoing, defendants' positive statements about WEBTOON's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
Investor Action Steps: Shareholders who incurred losses during the class period, have until November 4, 2024, to move the court to become a lead plaintiff in this action. A lead plaintiff will act on behalf of all other class members in directing the class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor's ability to share any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff.
About Johnson Fistel, LLP | Top Law Firm, Securities Fraud, Investors Rights:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, Georgia, and Colorado. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. We also extend our services to foreign investors who have purchased on US exchanges. Stay updated with news on stock drops and learn how Johnson Fistel, LLP can help you recover your losses. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com.
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Contact:
Johnson Fistel, LLP
501 W. Broadway, Suite 800, San Diego, CA 92101
James Baker, Investor Relations or Frank J. Johnson, Esq., (619) 814-4471
jimb@johnsonfistel.com or fjohnson@johnsonfistel.com
