Kessler Topaz Meltzer & Check, LLP Reminds D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi a/k/a D-MARKET Electronic Services & Trading d/b/a Hepsiburada Shareholders of Securities Fraud Class Action Lawsuit and Encourages Investors with Substantial Losses to Contact the Firm
Radnor, Pennsylvania – (Newsfile Corp. – November 20, 2021) – Law firm Kessler Topaz Meltzer & Check, LLP informs investors that a securities class action lawsuit has been filed against D-MARKET Elektronik Hizmetler ve Ticaret Anonim Şirketi a / k / a D- MARKET Electronic Services & Trading d / b / a Hepsiburada (“Hepsiburada”) (NASDAQ: HEPS). The lawsuit charges the Company with violations of federal securities laws, including omissions and fraudulent misrepresentations in relation to its American Depositary Receipts (“ADRs”) under and / or traceable to the registration statement and prospectus (collectively, the “Registration Statement”), which are related to with the IPO of Hepsiburada in July 2021 (“IPO”). Hepsiburada’s materially misleading statements regarding its businesses, operations and prospects resulted in significant losses for investors.
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TOURING DEADLINE FOR APPLICANTS: December 20, 2021
CLASS PERIOD: According to and / or traceable to July 1, 2021 IPO by October 21, 2021
CONTACT A LAWYER TO DISCUSS YOUR RIGHTS:
James Maro, Esq. (484) 270-1453 or toll free (844) 887-9500 or email at firstname.lastname@example.org
HEPSIBURADA STATED MALFUNCTION
Hepsiburada operates an e-commerce platform in Turkey known as the “Amazon of Turkey”. On July 1, 2021, Hepsiburada filed its prospectus on Form 424B4, which is part of the declaration of registration. As part of the IPO, Hepsiburada sold approximately 62,251,000 ADRs at a price of $ 12 per ADR and received approximately $ 783 million in proceeds from the offering. The registration statement touted Hepsiburada’s alleged growth due to “meticulous execution”. The registration statement also touted the increase in the gross value of the goods (“GMV”), which “relates to the total value of orders / products sold”. [the] Platform for a Period “, including shipping charges, but excluding other service revenue and transaction fees.
The story goes on
The truth about Hepsiburada was revealed on August 26, 2021 when the company announced its financial results for the second quarter of 2021 (the quarter that ended before the IPO closed) that earnings before interest, taxes, depreciation and amortization, or EBITDA ” negative TRY 188.6 million in Q2 2021 compared to positive TRY 71.1 million in Q2 2020 … due to the lower gross premium, mainly due to investments to strengthen our position in electronics, investments to penetrate into High-frequency categories as well as higher customer demand for low-margin products. ” The company also reported a “shift in the GMV mix in favor of the Marketplace”.
Following this news, Hepsiburada’s ADR price fell $ 3.05, or 25%, to close at $ 8.97 per ADR on August 26, 2021. At the time of the class action filing, Hepsiburada’s ADRs were trading at just $ 5.30 per ADR, which is nearly 56. corresponds to a% decrease from the IPO price of USD 12 per ADR.
WHAT CAN I DO?
Hepsiburada investors can apply no later than December 20, 2021 to be appointed as the lead class representative by Kessler Topaz Meltzer & Check, LLP, or other legal counsel, or they can choose to do nothing and remain an absent class member of Kessler Topaz Meltzer & Check, LLP encourages Hepsiburada investors who have suffered significant losses to contact the company directly for more information.
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Who can be a lead plaintiff?
A lead plaintiff is a representative party who acts on behalf of all class members in the conduct of the dispute. The main plaintiff is usually the investor or small group of investors who have the greatest financial interest and who are also appropriate and typical of the proposed class of investors. The lead plaintiff selects an attorney to represent the lead plaintiff and the group, and those attorneys, if approved by the court, are lead or class plaintiffs. Your ability to participate in a recovery will not be affected by whether or not you wish to be the lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP pursues class action lawsuits in state and federal courts across the country and worldwide. The company has built a worldwide reputation for excellence and reclaimed billions of dollars for victims of corporate fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by companies and trustees. Ultimately, we succeeded if the bad guys pay and you get your wealth back. 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.
Radnor, PA 19087
(844) 887-9500 (toll free)
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/104470