NEW YORK, Oct. 11, 2024 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, announces the filing of a class action lawsuit against WEBTOON Entertainment Inc. (“Webtoon” or the “Company”) (NASDAQ: WBTN) for violations of the federal securities laws on behalf of persons and entities that purchased or otherwise acquired Webtoon common stock pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s June 2024 initial public offering (“IPO” or the “Offering”).

On September 5, 2024, a complaint was filed against the Company and certain of its officers, alleging that the Registration Statement was materially false and misleading and omitted to state: (1) that the Company experienced a deceleration in advertising revenue growth; (2) that the Company experienced a deceleration in IP adaptations revenue; (3) that the Company experienced exposure to weaker foreign currencies which offset revenue growth; (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis, thereby haring investors.

When investors learned the truth, Webtoon’s common stock declined precipitously, injuring investors.

If you suffered a loss of more than $50,000 in Webtoon’s securities, and wish to participate, or learn more, click here, or please contact our attorneys at (914) 733-7256 or via email to Andrea Farah (afarah@lowey.com) or Vincent R. Cappucci Jr. (vcappucci@lowey.com).

Any investor who wishes to serve as Lead Plaintiff must act before November 4, 2024.

About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has recovered billions of dollars on behalf of its clients.

Contact:
Lowey Dannenberg P.C.
44 South Broadway, Suite 1100
White Plains, NY 10601
Tel: (914) 733-7234
Email: investigations@lowey.com

SOURCE: Lowey Dannenberg P.C.