Law Office of Frank R. Cruz Continues Investigation of WEBTOON Entertainment Inc. (WBTN) on Behalf of Investors

On June 27, 2024, Webtoon conducted its initial public offering (“IPO”), selling approximately 16.3 million shares at a price of $21 per share.

On August 8, 2024, Webtoon released its financial results for the second quarter of 2024, reporting revenue of $321 million, well below analyst estimates of $340.8 million. The company also reported a quarterly net loss of $76.6 million, stating that the loss was “primarily due to one-time IPO-related costs and stock-based compensation expense.”

On this news, Webtoon’s share price fell $7.88, or 38.1%, to close at $12.75 per share on August 8, 2024, hurting investors.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased Webtoon securities, have information or would like to learn more about these claims, or have any questions about this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067, at 310-914-5007, by email at [email protected], or visit our website at www.frankcruzlaw.com. When inquiring by email, please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under applicable laws and professional rules.

View original version on businesswire.com:

The WEBTOON Entertainment share at the time of publication of the news with an increase of +0.53 % up to 13.39USD on the Nasdaq stock exchange (August 30, 2024, 5:48 p.m.).