Security Investigation
WEBTOON Entertainment Inc. (NasdaqGS: WBTN)
13 Days left to seek lead plaintiff status.
Contact a Lawyer Now
Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until November 4, 2024 to file lead plaintiff applications in a securities class action lawsuit against WEBTOON Entertainment Inc. (“Webtoon” or the “Company”) (NasdaqGS: WBTN), if they purchased the Company’s shares pursuant and/or traceable to the Company’s registration statement issued in connection with its June 2024 initial public offering (“IPO”).
Webtoon and certain of its executives and others are charged with failing to disclose material information in its IPO Registration Statement and Prospectus (collectively, the “Offering Documents”), violating federal securities laws.
On August 8, 2024, the Company announced its financial results for 2Q 2024, disclosing total revenue growth of only 0.1% and that advertising revenue had declined 3.6%, that IP adaptations revenue had declined 3.7%, and that its quarterly net loss was $76.6 million. Further, the Company also disclosed a quarterly net loss of $76.6 million, and that its revenue and revenue growth had been “offset by the Company’s significant exposure to weaker foreign currencies.”
On this news, shares of Webtoon fell by more than 38%, and by the commencement of the lawsuit, the Company’s stock has traded as low as $12.45 per share, a more than 40% decline from the $21.00 per share IPO price.
If you purchased shares of Webtoon as above and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or fill out the form on this page.
The case is Brookman v. WEBTOON Entertainment Inc., et al., No. 24-cv-07553.