Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against WEBTOON, Elanco, Domino’s, and iLearningEngines and Encourages Investors to Contact the Firm
NEW YORK, Oct. 28, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of WEBTOON Entertainment, Inc. (NASDAQ: WBTN), Elanco Animal Health Incorporated (NYSE: ELAN), Domino’s Pizza, Inc. (NSYE: DPZ), and iLearningEngines, Inc. (NASDAQ: AILE). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
WEBTOON Entertainment, Inc. (NASDAQ: WBTN)
Class Period: Pursuant to the registration statement and prospectus issued in connection with the Company's June 27, 2024 initial public offering
Lead Plaintiff Deadline: November 5, 2024
On August 8, 2024, after the market closed, Webtoon announced its financial results for second quarter 2024, which had ended just days after the IPO closed. The Company reported revenue of $321 million, which represented total revenue growth of only 0.1%. The Company further revealed advertising revenue declined 3.6% and IP Adaptations revenue declined 3.7%. The Company revealed its revenue and revenue growth had been “offset by the Company’s significant exposure to weaker foreign currencies.” Webtoon also reported a quarterly net loss of $76.6 million, or 70 cents.
On this news, Webtoon’s stock fell $7.88 or 38.2%, to close at $12.75 per share on August 9, 2024, on unusually heavy trading volume. By the commencement of this action, Webtoon stock has traded as low as $12.45 per share, a more than 40% decline from the $21.00 per share IPO price.
The complaint filed in this class action alleges that the Registration Statement 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 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.
For more information on the Webtoon class action go to: https://bespc.com/cases/WBTN
Elanco Animal Health Incorporated (NYSE: ELAN)
Class Period: November 7, 2023 - June 26, 2024
Lead Plaintiff Deadline: December 6, 2024
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, the Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) Zenrelia was less safe than the Company had led investors to believe; (2) Elanco was unlikely to meet its own previously issued timeline for the U.S. approval and commercial launch of both Zenrelia and Credelio Quattro; (3) accordingly, the Company's business and/or financial prospects were overstated; and (4) as a result, the Company's public statements were materially false and misleading at all relevant times.
For more information on the Elanco class action go to: https://bespc.com/cases/ELAN
Domino’s Pizza, Inc. (NSYE: DPZ)
Class Period: December 7, 2023 - July 17, 2024
Lead Plaintiff Deadline: November 19, 2024
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) DPE, the Company's largest master franchisee, was experiencing significant challenges with respect to both new store openings and closures of existing stores; (2) as a result, Domino's was unlikely to meet its own previously issued long-term guidance for annual global net store growth; (3) accordingly, Domino's business and/or financial prospects were overstated; and (4) as a result, the Company's public statements were materially false and misleading at all relevant times.
For more information on the Domino's class action go to: https://bespc.com/cases/DPZ
iLearningEngines, Inc. (NASDAQ: AILE)
Class Period: April 22, 2024 - August 28, 2024
Lead Plaintiff Deadline: December 6, 2024
On August 29, 2024, before the market opened, Hindenburg Research published a report titled “iLearningEngines: An Artificial Intelligence SPAC With Artificial Partners and Artificial Revenue.” In its report, Hindenburg Research alleged that nearly all of the Company’s revenue and expenses in 2022 and 2023 were run through an undisclosed related party, which the Company refers to as their “Technology Partner.” Hindenburg Research further alleged that iLearningEngines uses its undisclosed related party relationship to report revenue and expenses that are “largely fake.” Among other things, Hindenburg Research alleged the Company used its undisclosed related party relationship with this Technology Partner to falsely report $138 million in revenue from the Indian market in 2022, when in reality, total revenue was, in fact, approximately $853,471.00, or 99.4% less than what iLearningEngines claimed in revenue in the country that period.
On this news, the Company’s share price fell $1.70 or 53.3%, to close at $1.49 on August 29, 2024, on unusually heavy trading volume.
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 the Company’s “Technology Partner” was an undisclosed related party; (2) that the Company used its undisclosed related party Technology Partner to report “largely fake” revenue and expenses; (3) that, as a result of the foregoing, the Company significantly overstated its revenue; and (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.
For more information on the iLearningEngines class action go to: https://bespc.com/cases/AILE
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. 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
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