The Shareholders Foundation announces that an investigation on behalf of investors of Weibo Corp (ADR) (NASDAQ:WB) shares was launched over potential securities laws violations by Weibo Corp and certain of its directors and officers.
Investors who purchased shares of Weibo Corp (ADR) (NASDAQ:WB) have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Weibo Corp (ADR) (NASDAQ:WB) concerning whether a series of statements by Weibo Corp regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Weibo Corp went public in April 2014 and shares of Weibo Corp (ADR) (NASDAQ:WB) grew to $24.34 per share in September 2014.
Weibo Corp reported that its annual Total Revenue rose from $65.93 million in 2012 to $334.17 million in 2014 and that its respective Net Loss declined from $102.49 million to $63.38 million.
Weibo is operated by SINA Corporation, which owns 56% of Weibo’s shares.
On April 12, 2015, a report stated that executives from Sina Corp were reportedly summoned to a meeting with the Cyberspace Administration of China and criticized for spreading “illegal information” and “violating morality”, according to a statement from Cyberspace Administration of China from April 10, 2015. Sina Corp was accused of not properly censoring user accounts as well as “engaging in media hype” and allowing the spread of “rumours”, pornography and “messages advocating heresies”, a reference to banned religious movements such as Falun Gong.
Sahres of Weibo Corp (ADR) (NASDAQ:WB) declined on April 14, 2015, to as low as $13.90 per share.
On April 27, 2015, NASDAQ:WB shares closed at $17.26 per share.
Those who purchased shares of Weibo Corp (ADR) (NASDAQ:WB) have certain options and should contact the Shareholders Foundation.
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