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MarketScreener Homepage  >  Equities  >  Nyse  >  Tencent Music Entertainment Group    TME

TENCENT MUSIC ENTERTAINMENT GROUP

(TME)
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Shareholder Alert: Robbins Arroyo LLP Announces Tencent Music Entertainment Group (TME) Sued for Misleading Shareholders

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10/01/2019 | 04:00pm EST

Shareholder rights law firm Robbins Arroyo LLP announces that a purchaser of Tencent Music Entertainment Group (NYSE: TME) filed a class action complaint for alleged violations of the Securities Exchange Act of 1934 between December 12, 2018 and August 26, 2019. Tencent Music operates online music entertainment platforms that provide music streaming, online karaoke, and live streaming services.

If you suffered a loss as a result of Tencent Music's misconduct, click here.

Tencent Music Entertainment Group (TME) Accused of Misleading Investors

According to the complaint, in December 2018, Tencent Music completed its initial public offering ("IPO") of 41,029,829 ADSs for $13.00 per ADS. In its official filings with the SEC, Tencent Music highlighted its "strong partnerships" with a wide range of music labels including Sony Music Entertainment, Universal Music Group, Warner Music Group, and others, assuring that its business competed within normal competitive conditions and that its sub-licensing was "in accordance with the terms of relevant master license and distribution agreements." However, these representations were materially false and failed to disclose that Tencent Music's exclusive licensing arrangements with major record labels were actually anticompetitive, which allowed Tencent Music to charge unreasonably expensive sublicensing fees, violating Chinese antimonopoly laws. Then, on August 27, 2019, Bloomberg reported that China's antitrust authority was investigating the exclusive licensing deals between Tencent Music Group and the previously mentioned major record labels. On this news, Tencent Music ADSs fell 6.8% to close at $12.57 and have yet to recover.

Tencent Music Entertainment Group (TME) Shareholders Have Legal Options

Contact us to learn more:
Leo Kandinov
(800) 350-6003
lkandinov@robbinsarroyo.com
Shareholder Information Form

Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.

Attorney Advertising. Past results do not guarantee a similar outcome.


© Business Wire 2019
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Financials (CNY)
Sales 2019 25 328 M
EBIT 2019 4 280 M
Net income 2019 3 693 M
Finance 2019 21 598 M
Yield 2019 -
P/E ratio 2019 43,1x
P/E ratio 2020 31,2x
EV / Sales2019 5,29x
EV / Sales2020 3,81x
Capitalization 156 B
Chart TENCENT MUSIC ENTERTAINMENT GROUP
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Technical analysis trends TENCENT MUSIC ENTERTAINMEN
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TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
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Mean consensus BUY
Number of Analysts 20
Average target price 119,92  CNY
Last Close Price 95,16  CNY
Spread / Highest target 40,9%
Spread / Average Target 26,0%
Spread / Lowest Target 8,80%
EPS Revisions
Managers
NameTitle
Kar Shun Pang Chief Executive Officer & Director
Zhen Yu Xie President, Director & Chief Technology Officer
Tao Sang Tong Chairman
Min Hu Chief Financial Officer
Tak-Wai Wong Independent Director
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