WEBTOON Entertainment Inc.
Company Name | WEBTOON Entertainment Inc. |
Stock Symbol | WBTN |
Class Period | June 24, 2024 to September 05, 2024 |
Lead Plaintiff Motion Deadline | November 04, 2024 |
On June 27, 2024, Webtoon conducted its initial public offering (“IPO”), selling approximately 16.3 million shares at $21 per share.
On August 8, 2024, Webtoon released its second quarter 2024 financial results, revealing revenue of $321 million, significantly below the analyst estimate of $340.8 million. The Company also reported a quarterly net loss of $76.6 million, stating that the loss was “primarily driven by one-time IPO-related costs and stock-based compensation expenses.”
On this news, Webtoon’s stock price fell $7.88, or 38.1%, to close at $12.75 per share on August 8, 2024, thereby injuring investors.
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