Kessler Topaz Meltzer & Check, LLP Reminds YMM Investors for Securities Fraud Class Action Lawsuit

RADNOR, Pa., July 21, 2021 (GLOBE NEWSWIRE) – Law firm Kessler Topaz Meltzer & Check, LLP announces that a class action lawsuit for securities fraud has been filed against Full Truck Alliance Co. Ltd. (NYSE: YMM). (“FTA”) on behalf of those who have bought or acquired FTA securities in accordance with and / or traceable to the registration declaration and the associated prospectus (together the “registration declaration”) issued in connection with the initial public offering of the FTA in June 2021 (the “IPO”).

Deadline Reminder: Investors who have bought or acquired FTA securities in accordance with and / or traceable to the registration declaration issued in connection with the IPO, by September 10th, 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; toll free at (844) 887-9500; per email to [email protected]; or click https://www.ktmc.com/full-truck-alliance-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=full_truck_alliance

FTA claims to operate a digital freight platform with its subsidiaries that connects shippers with truckers in order to facilitate shipments in the People’s Republic of China (“PRC”). It offers freight list, matching and brokerage services and online transaction services as well as various value-added services. Yunmanman and Huochebang were founded in 2013 and 2011, respectively, and both were digital freight platforms in the PRC prior to their merger that created FTA in 2017.

The complaint alleges that the registration statement did not disclose any failure by the FTA to comply with relevant regulations or the possible penalties for failing to comply – including the suspension of new user access during a cybersecurity review.

The truth was revealed on July 5, 2021 when the FTA issued a press release entitled, “Full Truck Alliance Announces Cybersecurity Review in China,” which partially announced that “the Cybersecurity Review Office (” CRO “) was operating cyberspace Administration of China [“CAC”] . . . initiated a cybersecurity review of the FTA’s Yunmanman apps and Huochebang apps. To facilitate the review and prevent the expansion of potential risks, these mobile apps must suspend the registration of new users in China during the review period. “

The story goes on

Following this news, the FTA’s ADS price fell $ 1.27 per ADS, or over 6%, to close at $ 17.75 on July 6, 2021, the next trading day.

The complaint alleges that the registration statement contained false and / or misleading information and / or failed to disclose: (1) the FTA’s Yunmanman and Huochebang apps would be subject to an imminent cybersecurity review by the CAC; (2) the CAC would ask the FTA to suspend registration of new users; (3) The FTA must conduct a “comprehensive self-assessment of all cybersecurity risks”; (4) The free trade area must “further improve its cybersecurity systems and technological capabilities”; and (5) as a result, Defendants’ public statements were, at all relevant points in time, materially false and misleading and negligent.

FTA investors can, by September 10th, 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 want to 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.

CONTACT:

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