Kessler Topaz Meltzer & Check, LLP Reminds Shareholders of Securities Fraud Class Action Lawsuit Filed Against 360 DigiTech, Inc.

RADNOR, Pa., July 17, 2021 – (BUSINESS WIRE) – Law firm Kessler Topaz Meltzer & Check, LLP announces that a class action lawsuit has been filed against 360 DigiTech, Inc. (NASDAQ: QFIN) for securities fraud. (“360 DigiTech”) on behalf of those who own 360 DigiTech securities between April 30 and 30;

Deadline Reminder: Investors who purchased or acquired 360 DigiTech securities during the class period may by 13.09.2021 at the latestto be appointed as the group’s 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; by email to [email protected]; or click on https://www.ktmc.com/360-digitech-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=360_digitech

360 DigiTech operates a digital consumer finance platform under the 360 ​​Jietiao brand in the People’s Republic of China (“PRC”) through its subsidiaries. The platform offers online consumer finance products to borrowers funded by institutional funding partners. 360 DigiTech also offers incremental credit checks, collections and other services, as well as defaulted loan guarantees. 360 DigiTech was formerly known as 360 Finance, Inc. and was renamed 360 DigiTech, Inc. in September 2020.

The class action period begins on April 30, 2020 when 360 DigiTech has filed an annual report on Form 20-F showing the financial and operating results for the year ended December 31, 2019. In the annual report and during the class action period, defendants praised 360 DigiTech’s privacy practices and security systems for customers that protect user information and comply with other network security requirements under those laws and regulations.

The story goes on

The truth was revealed on July 8, 2021 when reports circulated on social media that 360 DigiTech’s core product, the 360 ​​IOU app, had been removed from major app stores. The reports followed the removal of other companies’ apps as Chinese regulators investigated their privacy practices for customers. For example, an article published July 8, 2021 by the 21st Century Business Herald indicated that “[t]The reason for the removal could be related to the discussion with the central bank and other financial regulators on April 29 this year about 13 internet financial platforms and the request for rectification.

Following the news, 360 DigiTech’s share price fell $ 7.12 per share, or 21.48%, to close at $ 26.02 per share on July 8, 2021.

On July 9, 2021, Seeking Alpha reported that 360 DigiTech confirmed the removal of its 360 IOU app from the Android App Store and quoted a 360 DigiTech spokesperson for saying that 360 DigiTech “has filed a new rectification plan and is expediting the entire process “. . “

The lawsuit alleges that, during the class action period, defendants made false and / or misleading information and / or failed to disclose: (1) 360 DigiTech collected personal information in violation of relevant laws and regulations of the People’s Republic of China; (2) accordingly, 360 DigiTech has been exposed to an increased risk of regulatory review and / or enforcement action; and (3) as a result, 360 DigiTech’s public statements at all relevant times have been materially false and misleading.

360 DigiTech investors can by 13.09.2021 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 named as a lead plaintiff, the court must determine that the class plaintiff’s claim is typical of those of other class members 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210717005001/de/

contacts

Kessler Topas Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 König-von-Preußen-Strasse
Radnor, PA 19087
(844) 887-9500 (toll free)
[email protected]

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