BENSALEM, Pa., Oct. 18, 2019 (GLOBE NEWSWIRE) — Law Offices of Howard G. Smith reminds investors of the upcoming November 25, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Tencent Music Entertainment Group (“Tencent” or the “Company”) (NYSE: TME) securities between December 12, 2018 and August 26, 2019, inclusive (the “Class Period”).
Investors suffering losses on their Tencent investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
On August 27, 2019, Bloomberg reported that China’s antitrust authority is investigating exclusive licensing deals between Tencent and major record labels including, Universal Music Group, Sony Music Entertainment, and Warner Music Group.
On this news, Tencent’s American depositary receipt price fell $0.92 per share, or nearly 7%, to close at $12.57 per share on August 27, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Tencent Music’s exclusive licensing arrangements with major record labels were anticompetitive; (2) that consequently, sublicensing such content from Tencent Music was unreasonably expensive, in violation of Chinese antimonopoly laws; (3) that these anticompetitive efforts were reasonably likely to lead to regulatory scrutiny; and (4) that as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Tencent securities during the Class Period you may move the Court no later than November 25, 2019 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Law Offices of Howard G. Smith
Howard G. Smith, Esquire