SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP announces that investors who purchased Tencent Music Entertainment Group (NYSE: TME) shares contemporaneously with defendants Goldman Sachs Group Inc. and Morgan Stanley’s allegedly unlawful trades from March 22, 2021 through and including March 29, 2021 (the “Class Period”) have until December 27, 2021 to seek appointment as lead plaintiff in Merson v. Goldman Sachs Group Inc., No. 21-cv-08752 (S.D.N.Y.), the Tencent Music class action lawsuit. Commenced on October 26, 2021, the Tencent Music class action lawsuit charges Goldman Sachs and Morgan Stanley with violations of the Securities Exchange Act of 1934.
If you wish to serve as lead plaintiff of the Tencent Music class action lawsuit, please provide your information by clicking here. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com. Lead plaintiff motions for the Tencent Music class action lawsuit must be filed with the court no later than December 27, 2021.
CASE ALLEGATIONS: The Tencent Music class action lawsuit alleges that Goldman Sachs and Morgan Stanley sold Tencent Music shares to public shareholders after confidentially learning that Archegos Capital Management (“Archegos”), a family office with $10 billion under management, failed (or was likely to fail) to meet a margin call, requiring it to fully liquidate its position in Tencent Music. The Tencent Music class action lawsuit further alleges that Goldman Sachs and Morgan Stanley avoided billions in losses by trading in this alleged material non-public information. As further alleged by the Tencent Music class action lawsuit, according to subsequent media reports, defendants unloaded large block trades consisting of shares of Archegos’ doomed bets, including billions worth of Tencent Music securities, late Thursday, March 25, 2021, before the Archegos story reached the public, sending Tencent Music’s stock into a complete tailspin.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Tencent Music shares during the Class Period to seek appointment as lead plaintiff in the Tencent Music class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Tencent Music class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Tencent Music class action lawsuit. An investor’s ability to share in any potential future recovery of the Tencent Music class action lawsuit is not dependent upon serving as lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions. Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors last year, more than double the amount recovered by any other securities plaintiffs’ firm. Please visit http://www.rgrdlaw.com for more information.
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