RADNOR, Pa., July 14, 2021 (GLOBE NEWSWIRE) – Law firm Kessler Topaz Meltzer & Check, LLP announces that class action lawsuits have been filed for securities fraud in both U.S. district courts for the Southern District of New York and the Central District of California against DiDi Global Inc. (NYSE: DIDI) (“DiDi”) on behalf of those who acquired 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 initial public offering in June 2021 (“IPO”); 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 IPO during the class period, by September 7, 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; per email to email@example.com; or click 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. DiDi is often referred to as “the Uber of China”.
On July 2, 2021, the Cyberspace Administration of China (“CAC”) announced that 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 it “collects”[ed] Personal data in violation of the relevant laws and regulations of the People’s Republic of China. ”DiDi has been instructed to make changes to comply with Chinese data protection regulations in order to“ ensure the security of users’ personal data ”. On July 5, 2021, The Wall Street Journal reported that the CAC had asked DiDi three months before going public to postpone its offer due to national security concerns and “conduct a thorough self-assessment of its network security.” Following this news, DiDi’s share price fell $ 3.04 per share, or 19.6%, to close at $ 12.49 per share on July 6, 2021.
The story goes on
The complaint alleges that the registration statement was essentially false and misleading and failed to state: (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 app stores in the PRC, which would adversely affect financial results and 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 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.
Kessler Topas Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
Radnor, PA 19087
(844) 887-9500 (toll free)