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SAN FRANCISCO, June 04, 2019 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP alerts investors in Momo Inc. (NASDAQ: MOMO) to the securities class action, Marchand v. Momo Inc. et al., No. 1:19-cv-04433, pending in the United States District Court for the Southern District of New York.
Momo Inc. (NASDAQ: MOMO)
CLASS PERIOD: April 21, 2015 - April 29, 2019
LEAD PLAINTIFF DEADLINE: July 15, 2019
DATE FILED: May 15, 2019
Submit for more information: https://www.hbsslaw.com/form/MOMO
If you purchased or otherwise acquired Momo securities and suffered losses you do not need to sign up to be included in the putative class of investors. If you suffered significant losses, you may qualify to be a lead plaintiff – one who selects and oversees the attorneys prosecuting the case.
According to the complaint, Defendants misled investors about the adequacy of Momo’s procedures and controls for financial reporting and concealed that Momo’s social and dating app, Tantan, was materially noncompliant with Chinese regulations. Following reports of illicit financial reporting practices at the Company and that Chinese regulators had ordered the removal of the Tantan app from certain app stores, Momo share prices sharply declined.
“We’re focused on investors’ losses and the extent to which Defendants may have misled investors about Momo’s internal controls for financial reporting and compliance with relevant laws and regulations,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding MOMO should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email MOMO@hbsslaw.com.
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Reed Kathrein, 510-725-3000