Weibo Corporation is a Chinese social network company known for the microblogging website Sina Weibo.

According to the law firm press release, the lawsuit alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Weibo lacks a requisite internet audio/video program transmission license; (2) Weibo was posting certain commentary programs with content in violation of Chinese government regulations on its site; and (3) as a result, Defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

On September 28, 2017, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a Consolidated Complaint on November 27. Defendants filed a Motion to Dismiss the consolidated Complaint on January 26, 2018. On June 7, the Court issued an Order granting Defendants' Motion to Dismiss.