Webtoon Eyes Furious Class Action Lawsuit Over Alleged Securities Fraud
Webtoon is currently eyeing a potential class action lawsuit over alleged securities fraud by several major U.S. law firms. The platform is the world's largest webcomics site, boasting over 160 million monthly active users.
Via PR Newswire, multiple law firms are positioning themselves to be the ones to sue Webtoon over alleged securities fraud following its IPO on June 27, 2024. The company raised over $300 million by selling 15 million shares of common stock at $21. Major banking firms were bullish on the stock's growth, including Goldman Sachs, which touted a $62 price target, and more subdued targets like Morgan Stanley ($23), Deutsche Bank ($25) and J.P. Morgan ($23), all of which collaborated with Webtoon on the IPO. However, following Webtoon's second-quarter results in August, the stock quickly tanked, currently around $11.50 -- almost exactly half its initial value. Several law firms are now alleging securities fraud, claiming that Webtoon's IPO statement contained false and omitted information which, if investors had known,...
Via PR Newswire, multiple law firms are positioning themselves to be the ones to sue Webtoon over alleged securities fraud following its IPO on June 27, 2024. The company raised over $300 million by selling 15 million shares of common stock at $21. Major banking firms were bullish on the stock's growth, including Goldman Sachs, which touted a $62 price target, and more subdued targets like Morgan Stanley ($23), Deutsche Bank ($25) and J.P. Morgan ($23), all of which collaborated with Webtoon on the IPO. However, following Webtoon's second-quarter results in August, the stock quickly tanked, currently around $11.50 -- almost exactly half its initial value. Several law firms are now alleging securities fraud, claiming that Webtoon's IPO statement contained false and omitted information which, if investors had known,...
- 10/6/2024
- by Chike Nwaenie
- CBR
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