PHILADELPHIA, Sept. 16, 2024 (GLOBE NEWSWIRE) -- A securities class action lawsuit has been filed against WEBTOON Entertainment Inc. (“WEBTOON” or the “Company”) (NASDAQ: WBTN). The lawsuit has been filed on behalf of purchasers of WEBTOON securities between June 24, 2024 and September 5, 2024, inclusive (the “Class Period”).

CLICK HERE TO LEARN MORE ABOUT THIS LAWSUIT.

Investors who purchased or acquired WEBTOON securities during the Class Period may, no later than NOVEMBER 4, 2024, seek to be appointed as a lead plaintiff representative of the class.

WEBTOON, headquartered in Los Angeles, is an entertainment company that operates a storytelling platform worldwide. In the Company’s IPO on or about June 27, 2024, WEBTOON sold more than 16.3 million shares of common stock at $21.00 per share for net proceeds of approx. $308.5 million.

According to the complaint, the IPO registration statement misled investors regarding the fact that: (1) WEBTOON had experienced a deceleration in advertising revenue growth; (2) WEBTOON had experienced a deceleration in IP adaptations revenue; and (3) WEBTOON had experienced exposure to weaker foreign currencies, which offset revenue growth.

For additional information or to learn how to participate in this litigation, please contact Berger Montague: Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or Peter Hamner at phamner@bm.net or (215) 875-3048, or CLICK HERE.

A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.

Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.

Contact:

Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
aabramowitz@bm.net  

Peter Hamner
Berger Montague PC
(215) 875-3048
phamner@bm.net