According to the Complaint, Wanda Sports purports to be a global sports events, media and marketing platform with significant intellectual property rights.
In July 2019, Defendants held an IPO, issuing approximately 23.8 million American Depository Shares to the investing public at $8.00 per share, pursuant to the Registration Statement. The Complaint alleges that the Registration Statement featured false and/or misleading statements and/or failed to disclose that: (1) the lack of major sporting events for its Digital, Production, Sports Solutions (“DPSS”) and Spectator Sports segments for its second quarter of 2019, ending before the IPO, would negatively impact revenue for the second quarter of 2019; (2) Wanda Sports had suffered a year-over-year decrease in revenue in its second quarter ended June 30, 2019 and would for its fiscal year 2019, primarily related to lower reimbursement revenues accounted for in its DPSS segment and lack of Spectator Sport segment offsets; and (3) 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 March 3, 2020, the Court issued an Order appointing Lead Plaintiff and Counsel. On April 15, Lead Plaintiff voluntarily dismissed the Foreign Underwriter Defendants.