Weibo Misled On China Censorship Policies, Investor Says
Law360, New York (June 27, 2017, 7:55 PM EDT) -- Weibo Corporation misled investors by telling them it had taken measures to comply with China’s censorship laws, ultimately leading to heavy losses when China banned political content from the social network, according to an investor's proposed class action filed in New Jersey federal court Tuesday.
The deception by Weibo led to inflated stock prices, which resulted in losses for shareholders when the People’s Republic of China banned political content after finding the company had streamed political videos that were out of line with its regulations, named investor Andrew Goldsmith claimed, citing reports in the Wall Street Journal.
Tuesday’s complaint accuses Weibo...
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