NEW YORK, NY / ACCESSWIRE / September 19, 2024 / Pomerantz LLP announces that a class action lawsuit has been filed against WEBTOON Entertainment Inc. ("Webtoon" or the "Company") (NASDAQ:WBTN). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Webtoon and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until November 5, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Webtoon securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On or around June 27, 2024, Webtoon conducted its initial public offering ("IPO"), selling16,371,549 shares of stock priced at $21.00 per share. Then, on August 8, 2024, Webtoon reported its financial results for the second quarter of 2024. Among other items, Webtoon reported revenue of $321 million, which represented total revenue growth of only 0.1%. The Company further revealed that advertising revenue declined 3.6% and IP Adaptations revenue declined 3.7%. The Company revealed that its revenue and revenue growth had been "offset by the Company's significant exposure to weaker foreign currencies." Webtoon also reported a quarterly net loss of $76.6 million, or -$0.70 diluted EPS.
On this news, Webtoon's stock price fell $7.88 per share, or 38.2%, to close at $12.75 per share on August 9, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE: Pomerantz LLP