COMPANY |
Momo Inc. |
COURT |
United States District Court for the Southern District of New York |
CASE NUMBER |
19-cv-04433 |
JUDGE |
The Hon. George B. Daniels |
CLASS PERIOD |
April 20, 2015 - May 10, 2019 |
SECURITY TYPE |
American Depositary Shares |
Case Background:
On May 15, 2019, the initial complaint in this securities class action was filed against Momo Inc. (“Momo” or the “Company”), and certain of Momo’s directors and officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act. This is a federal securities class action on behalf of all investors who purchased or acquired the American Depositary Shares of Momo between April 20, 2015 and May 10, 2019, both dates inclusive (the “Class Period”).
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and compliance policies. Specifically, the complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (1) Momo’s compliance procedures and controls were inadequate to prevent, inter alia, illicit financial reporting activity; (2) Momo’s social and dating app, Tantan, was materially noncompliant with PRC 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.
Current Status of Case:
On July 30, 2020, the parties informed the Court that they had agreed to engage in a private mediation in an attempt to resolve the claims at issue. By letter dated December 4, 2020, the parties advised the Court that they had reached an agreement to resolve the Action. On March 24, 2021, Plaintiffs filed a Motion for Preliminary Approval of Settlement along with the Stipulation of Settlement indicating that the parties agreed to resolve the action for a payment of $5,000,000. On March 31, 2021 the Court entered an Order Granting Plaintiffs’ Unopposed Motion for Preliminary Approval of Class Action Settlement. The Settlement was approved by the Court on August 4, 2021. This action has concluded.
The deadline to file a claim is July 8, 2021. If you have any questions or need further information about this settlement, you may go to the following website, http://www.strategicclaims.net/Momo/, or you can contact the claims administrator, Strategic Claims Services at 1-866-274-4004.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.