Chinese dating app Tantan is available on Android app stores again after being suspended for just over two months.
Parent company Momo conducted a “comprehensive internal review” of the platform’s content, as well as the screening process for user generated posts.
Tantan Moments, the social photo-sharing feature, was also temporarily shut down by Momo for a company investigation. It’s unclear whether it was reinstated following the latest Android update.
The app was apparently taken down for undisclosed policy violations, with the exact reasons yet to be revealed. One newspaper source alleged that numerous adverts for escorting and prostitution services had been uncovered.
Not long after the original Android ban, a lawsuit was filed on behalf of all Momo investors from the past four years. The plaintiffs are claiming that the technology giant continually made false and misleading statements about the company’s business, operational and compliance policies.
A statement was issued to investors yesterday reminding them sign up to be a part of the legal action before 15th July 2019. The lawsuit is also still looking for a lead plaintiff.
Despite the recent controversies, analysts at Seeking Alpha are still backing Momo stock to grow. This is mainly because it is proven to be a fast-growing company, and potential investors may be tempted to buy due to its relatively low price.
Since that analysis was published, share prices have risen by 15.3%. Momo currently boasts a market cap of more than $7 billion.
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