Kessler Topaz Meltzer & Check, LLP Announces Class Action Lawsuit Has Been Filed Against DiDi Global Inc.
RADNOR, PA / ACCESSWIRE / July 10, 2021 / The law firm Kessler Topaz Meltzer & Check, LLP announces that against DiDi Global Inc. (NYSE: DIDI) (“DiDi”) on behalf of those who bought or acquired DiDi: (a) American Depositary Shares (“ADSs”) in accordance with and / or traceable to the Registration Statement and Prospectus (collectively the “Registration Statement”) issued in connection with DiDi’s IPO in June 2021; and / or (b) securities between June 30, 2021 and July 2, 2021, including (the “Class Period”).
Deadline reminder: Investors who have bought or acquired DiDi ADSs in accordance with the registration statement and / or DiDi securities issued in connection with the IPODuring the class action period, no later than September 7, 2021, petition for appointment as the class action lead plaintiff. For more information or information on how to participate in this litigation, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; per email firstname.lastname@example.org; orclick https://www.ktmc.com/didi-global-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=didi
DiDi is a mobility technology platform that offers ride-hailing and other services in the People’s Republic of China (“PRC”), Brazil, Mexico and internationally. It offers ride hailing, taxi hailing, chauffeur, hitch and other forms of shared mobility services as well as enterprise business ride solutions; Car solutions consisting of leasing, refueling and maintenance and repair services; Leasing of electric vehicles; Bicycle and e-bike sharing, inner-city freight transport, food delivery and financial services. DiDi was formerly known as Xiaoju Kuaizhi Inc. and changed its name to DiDi Global Inc .. DiDi is often referred to as “the Uber of China” in June 2021.
The story goes on
On June 30, 2021, DiDi submitted its prospectus on Form 424B4, which is part of the registration declaration. When it went public, DiDi sold around 316,800,000 shares at a price of $ 14.00 per share. Four ADS represent one Class A common share.
The truth emerged on July 2, 2021 when the Cyberspace Administration of China (“CAC”) said it had opened an investigation into DiDi to protect national security and the public interest. Following this news, DiDi’s share price fell $ 0.87, or approximately 5.3%, to close at $ 15.53 per share on July 2, 2021.
After class time, on Sunday, July 4th, 2021, DiDi reported that the CAC ordered smartphone app stores to no longer offer the “DiDi Chuxing” app because they were “collecting”[ed] personal data in violation of the relevant laws and regulations of the People’s Republic of China. “DiDi was instructed to make changes to comply with Chinese data protection regulations in order to” ensure the security of users’ personal data “. The CAC had already received DiDi three months prior to IPO asked to postpone offering and “do a thorough self-assessment of its network security” due to national security concerns, or 19.6%, to close at $ 12.49 per share on July 6, 2021.
The complaint alleges that the registration statement was essentially false and misleading and did not indicate that: (1) DiDi’s apps did not comply with applicable data protection and personal data collection laws and regulations; (2) as a result, it was quite likely that DiDi was subject to review by the CAC; (3) the CAC had warned DiDi to postpone its IPO in order to conduct a self-assessment of its network security; (4) Based on the foregoing, it was quite likely that DiDi’s apps would be removed from the PRC app stores, which would adversely affect financial results and business operations; and (5) as a result of the foregoing, Defendants’ positive statements about DiDi’s business, business and prospects were materially misleading and / or unfounded.
DiDi investors can by September 7, 2021 at the latest, attempt to be appointed as lead class representative by Kessler Topaz Meltzer & Check, LLP, or other legal counsel, or they may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in the conduct of the dispute. To be appointed as a lead plaintiff, the court must determine that the class plaintiff’s claim is typical of the claims of other class plaintiffs and that the class plaintiff is adequately representing the class action. Your ability to participate in a recovery will not be affected by whether or not you will be the lead plaintiff.
Kessler Topaz Meltzer & Check, LLP pursues class actions in state and federal courts across the country involving securities fraud, fiduciary violations, and other violations of state and federal laws. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform and has collected billions of dollars on behalf of institutional and private investors from the US and around the world. The firm represents investors, consumers and whistleblowers (individuals who report fraudulent practices to the government and participate in recovery of government dollars). The complaint in this lawsuit was not filed by Kessler Topaz Meltzer & Check, LLP. For more information on Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
Kessler Topas Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
Radnor, PA 19087
(844) 887-9500 (toll free)
SOURCE: Kessler Topas Meltzer & Check, LLP
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