According to the Complaint, Tencent Music Entertainment Group purports to operate online music entertainment platforms that provide music streaming, online karaoke, and live streaming services in the People's Republic of
China.

The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Tencent Music's exclusive licensing arrangements with major record labels were anticompetitive; (2) consequently, sublicensing such content from Tencent Music was unreasonably expensive, in violation of Chinese antimonopoly laws; (3) these anticompetitive efforts were reasonably likely to lead to regulatory scrutiny; and (4) 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.

On December 3, 2019, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on February 2, 2020. Defendants filed a Motion to Dismiss the amended Complaint on May 15. On March 31, 2021, the Court issued an Order granting Defendants' Motion to Dismiss two of the claims in the amended Complaint.

Lead Plaintiffs filed a second amended Complaint on January 10, 2022. Defendants filed a Motion to Dismiss on March 11. On March 31, 2023, the Court issued an Order granting Defendants' Motion to Dismiss. The Clerk of Court was directed to close the case.

Lead Plaintiffs filed a notice appealing the Court's Dismissal Order on April 28, 2023. The parties withdrew the appeal on May 26.