BENSALEM, Pa.–(BUSINESS WIRE)–Law Offices of Howard G. Smith continues its investigation on behalf of WEBTOON Entertainment Inc. (“Webtoon” or the “Company”) (NASDAQ: WBTN) investors concerning the Company’s possible violations of federal securities laws.
On June 27, 2024, Webtoon conducted its initial public offering (“IPO”), selling approximately 16.3 million shares at $21 per share.
On August 8, 2024, Webtoon released its second quarter 2024 financial results, revealing revenue of $321 million, significantly below the analyst estimate of $340.8 million. The Company also reported a quarterly net loss of $76.6 million, stating that the loss was “primarily driven by one-time IPO-related costs and stock-based compensation expenses.”
On this news, Webtoon’s stock price fell $7.88, or 38.1%, to close at $12.75 per share on August 8, 2024, thereby injuring investors.
If you purchased Webtoon securities, have information or 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
