NEW YORK, Aug. 20, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against WEBTOON Entertainment Inc. (“Webtoon” or the “Company”) (NASDAQ: WBTN) on behalf of Webtoon stockholders. Our investigation concerns whether Webtoon has violated the federal securities laws and/or engaged in other unlawful business practices.
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On August 8, 2024, just six weeks after completing its initial public offering (“IPO”), Webtoon announced its second-quarter 2024 revenue of $321 million, coming in significantly below the $340.8 million forecast made by analysts. Webtoon also reported a quarterly net loss of $76.6 million, or 70 cents, also below the market forecasts of 72 cents for the quarter, which ended just days after the IPO. The company stated that its quarterly loss was driven by one-time IPO costs and stock-based compensation expenses, in addition to significant exposure to weaker foreign currencies, including the South Korean won and the Japanese yen, reducing its revenue. On this news, the price of Webtoon shares declined by $7.88 per share, or approximately 38.1%, from $20.63 per share on August 8, 2024, to close at $12.75 on August 8, 2024.
If you purchased or otherwise acquired Webtoon shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
