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Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Momo Inc.

May 24, 2019

LOS ANGELES--(BUSINESS WIRE)--May 24, 2019--

Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming  July 15, 2019  deadline to file a lead plaintiff motion in the class action filed on behalf of Momo Inc. (“Momo” or the “Company”) (NASDAQ:  MOMO ) investors who purchased securities between  April 21, 2015 and April 29, 2019, inclusive (the “Class Period”).

If you are a shareholder who suffered a loss, click  here  to participate.

If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to  shareholders@glancylaw.com, or visit our website at  www.glancylaw.com.

On April 29, 2019, the Company announced that its Tantan social and dating mobile app had been removed from certain mobile phone app stores at the direction of Chinese authorities.

On this news, shares of Momo fell $2.51, or nearly 7%, to close at $34.36 on April 29, 2019, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) Momo’s compliance procedures and controls were inadequate to prevent illicit financial reporting activity; (2) Momo’s social and dating app, Tantan, was materially noncompliant with Chinese law and/or regulations; (3) Tantan was consequently at an increased risk of being removed from Chinese app stores at the direction of Chinese governmental authorities; and (4) as a result, Momo’s public statements were materially false and misleading at all relevant times.

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

If you purchased or otherwise acquired Momo securities during the Class Period you may move the Court no later than  July 15, 2019 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire 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 the applicable law and ethical rules.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190524005463/en/

CONTACT: Glancy Prongay & Murray LLP, Los Angeles

Lesley Portnoy, 310-201-9150 or 888-773-9224

shareholders@glancylaw.com

www.glancylaw.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL

SOURCE: Glancy Prongay & Murray LLP

Copyright Business Wire 2019.

PUB: 05/24/2019 07:32 PM/DISC: 05/24/2019 07:32 PM

http://www.businesswire.com/news/home/20190524005463/en

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