Momo Inc.
| Company Name | Momo Inc. |
| Stock Symbol | MOMO |
| Class Period | April 21, 2015 to April 29, 2019 |
| Lead Plaintiff Motion Deadline | July 15, 2019 |
On April 29, 2019, the Company announced that its Tantan social and dating mobile app had been removed from certain mobile phone app stores at the direction of Chinese authorities.
On this news, shares of Momo fell $2.51, or nearly 7%, to close at $34.36 on April 29, 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) Momo’s compliance procedures and controls were inadequate to prevent illicit financial reporting activity; (2) Momo’s social and dating app, Tantan, was materially noncompliant with Chinese law and/or regulations; (3) Tantan was consequently at an increased risk of being removed from Chinese app stores at the direction of Chinese governmental authorities; and (4) as a result, Momo’s public statements were materially false and misleading at all relevant times.
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