According to the Complaint, Momo Inc. operates a mobile-based social and entertainment platform in the PRC.

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: (i) Momo’s compliance procedures and controls were inadequate to prevent, inter alia, illicit financial reporting activity; (ii) Momo’s social and dating app, Tantan, was materially noncompliant with PRC law and/or regulations; (iii) Tantan was consequently at an increased risk of being removed from Chinese app stores at the direction of Chinese governmental authorities; and (iv) as a result, Momo’s public statements were materially false and misleading at all relevant times.

On September 18, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on November 20.

On December 4, 2020, the parties notified the Court that they had reached an agreement in principle to settle the claims. The parties entered into a Stipulation of Settlement on March 23, 2021. On March 31, the Court granted preliminary approval of the Settlement. On August 4, the Court granted final approval of the Settlement and entered Final Judgment.

On September 21, 2022, the Court issued an Order granting distribution of the Settlement funds.