Tencent Music Entertainment Group (NYSE: TME) Investor Securities Class Action Lawsuit 09/26/2019

If you purchased shares of Tencent Music Entertainment Group (NYSE: TME), you have certain options and for certain investors are short and strict deadlines running. Deadline: November 25, 2019. NYSE: TME investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Tencent Music Entertainment
Case Name: 
Tencent Music Entertainment Shareholder Class Action Lawsuit 09/26/2019
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: TME
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
09/26/2019
Class Period Begin: 
12/12/2018
Class Period End: 
08/26/2019
Court of Filing: 
U.S. District Court for the Eastern District of New York
Deadline To File for Lead: 
11/25/2019
Summary: 

An investor in shares of Tencent Music Entertainment Group (NYSE: TME) filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by Tencent Music Entertainment Group in connection with certain allegedly false and misleading statements made between December 12, 2018 and August 26, 2019.

China based Tencent Music Entertainment Group operates online music entertainment platforms that provides music streaming, online karaoke, and live streaming services in the People's Republic of China. Tencent Music Entertainment Group reported that its annual Ttoal Revenue rose from over 10.98 billion CNY in 2017 to over 18.98 billion CNY in 2018 and that its Net Income increased from over 1.32 billion CNY in 2017 to over 1.83 billion CNY in 2018.

Shares of Tencent Music Entertainment Group (NYSE: TME) reached as high as $18.58 per share in April 2019.

On August 27, 2019, it was reported that the State Administration of Market Regulation, China's antitrust authority, is investigating exclusive licensing deals between Tencent Music Entertainment Group and major record labels including Universal Music Group, Sony Music Entertainment, and Warner Music Group.

Shares of Tencent Music Entertainment Group (NYSE: TME) declined to as low as $12.28 per share on August 27, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Tencent Music Entertainment Group (NYSE: TME) common shares between December 12, 2018 and August 26, 2019, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between December 12, 2018 and August 26, 2019, the defendants made false and/or misleading statements and/or failed to disclose that Tencent Music’s exclusive licensing arrangements with major record labels were anticompetitive, consequently, sublicensing such content from Tencent Music was unreasonably expensive, in violation of Chinese antimonopoly laws, these anticompetitive efforts were reasonably likely to lead to regulatory scrutiny, and as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.