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

TENCENT MUSIC ENTERTAINMENT GROUP

(TME)
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Tencent Music Entertainment : Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Tencent Music Entertainment Group

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10/14/2019 | 11:02am EST

Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming November 25, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of Tencent Music Entertainment Group (“Tencent” or the “Company”) (NYSE: TME) investors who purchased securities between December 12, 2018 and August 26, 2019, inclusive (the “Class Period”).

If you are a shareholder who suffered a loss, click here to participate.

If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.

On August 27, 2019, Bloomberg reported that China’s antitrust authority is investigating exclusive licensing deals between Tencent and major record labels including, Universal Music Group, Sony Music Entertainment, and Warner Music Group.

On this news, Tencent’s American depositary receipt price fell $0.92 per share, or nearly 7%, to close at $12.57 per share on August 27, 2019, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Tencent Music's exclusive licensing arrangements with major record labels were anticompetitive; (2) that consequently, sublicensing such content from Tencent Music was unreasonably expensive, in violation of Chinese antimonopoly laws; (3) that these anticompetitive efforts were reasonably likely to lead to regulatory scrutiny; and (4) that 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.

Follow us for updates on Twitter: twitter.com/GPM_LLP.

If you purchased or otherwise acquired Tencent securities during the Class Period, you may move the Court no later than November 25, 2019 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.


© Business Wire 2019
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Financials (CNY)
Sales 2019 25 251 M
EBIT 2019 4 516 M
Net income 2019 3 857 M
Finance 2019 21 654 M
Yield 2019 -
P/E ratio 2019 38,6x
P/E ratio 2020 30,1x
EV / Sales2019 4,90x
EV / Sales2020 3,59x
Capitalization 145 B
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Mean consensus BUY
Number of Analysts 20
Average target price 117,88  CNY
Last Close Price 88,94  CNY
Spread / Highest target 49,8%
Spread / Average Target 32,5%
Spread / Lowest Target 16,4%
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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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