Lowey Dannenberg notifies WEBTOON Entertainment Inc.

NEW YORK, Oct. 11, 2024 (GLOBE NEWSWIRE) — Lowey Dannenberg PC, a leading law firm in seeking redress for consumers and investors, announces the filing of a class action lawsuit against WEBTOON Entertainment Inc. (“Webtoon” or “Company”) (NASDAQ : WBTN) for violations of the federal securities laws on behalf of persons and entities that purchased or otherwise acquired shares of Webtoon common stock pursuant to the issued registration statement and prospectus (collectively, the “Registration Statement”) in connection with the Company’s initial public offering in June 2024 ( “IPO” or the “Offering”).

On September 5, 2024, a complaint was filed against the Company and certain of its officers, alleging that the registration statement was materially false and misleading and failed to: (1) that the Company was experiencing a slowdown in advertising revenue growth have; (2) that the Company experienced a decline in IP adaptation revenue; (3) that the Company was exposed to weaker foreign currencies, which negated sales growth; (4) that, based on the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis, thereby damaging investors.

When investors learned the truth, Webtoon’s common shares fell precipitously, hurting investors.

If you have suffered a loss of more than $50,000 in Webtoon securities and would like to participate or learn more, click here or please contact our attorneys at (914) 733-7256 or email Andrea Farah ([email protected]). or Vincent R. Cappucci Jr. ([email protected]).

Any investor who wishes to serve as lead plaintiff must act first November 4, 2024.

About Lowey Dannenberg
Lowey Dannenberg is a national law firm representing institutional and individual investors who have suffered financial losses due to corporate fraud and misconduct in violation of federal securities and antitrust laws. The firm has extensive experience pursuing multimillion-dollar lawsuits and has recovered billions of dollars on behalf of its clients.

contact:
Lowey Dannenberg PC
44 South Broadway, Suite 1100
White Plains, NY 10601
Phone: (914) 733-7234
Email: [email protected]

SOURCE: Lowey Dannenberg PC