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Class action lawsuit against Wanda Sports is dismissed

Lin Zhang, chairman of Wanda Sports Group during IPO in New York on July 26, 2019 (Michael Nagle/Bloomberg via Getty Images)

Wanda Sports Group, the owner of the Infront agency, among other interests in sport, has announced the voluntary dismissal of a class action lawsuit filed against it in the wake of its initial public offering.

Issuing a statement today (Tuesday), Wanda Sports said that “the consolidated securities class action complaint against the Company, the underwriters in the IPO and certain of its current and former directors has been voluntarily dismissed in its entirety, without prejudice, by the lead plaintiff”.

The class action entitled ‘Cherry Fu v. Wanda Sports Group Company Limited et al.’ was filed in November last year at the United States District Court for the District of Oregon.

Wanda Sports said that “the Company, the underwriters in the IPO and certain of the Company’s current and former directors were named as defendants” in the “putative securities class action”.

Wanda Sports and its directors were represented by the New York-based law firm Simpson Thacher & Bartlett LLP.

Wanda Sports recently reported revenues of €1.03bn ($1.13bn) in 2019, a 9-per-cent fall on 2018. A third-quarter loss of €31.2m ($34.1m) was reported last year due to a variety of fiscal costs, including those related to its ultimately-downsized IPO on the Nasdaq stock exchange in July.