The complaint alleges throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company had been collecting personal information in violation of relevant PRC laws and regulations; (ii) accordingly, 360 DigiTech was exposed to an increased risk of regulatory scrutiny and/or enforcement action; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times. On July 8, 2021, reports circulated on social media to the effect that the Company’s core product, the 360 IOU app, had been removed from major app stores. The reports came on the heels of the removal of other companies’ apps as Chinese regulators investigated their customer data protection practices. On this news, 360 DigiTech’s stock price fell $7.12 per share, or 21.48%, to close at $26.02 per share on July 8, 2021. Then, 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 Company spokesperson, who disclosed that the Company had “submitted a new rectification plan and stepped up the whole process.”
The alleged class includes : All persons and entities other than Defendants that purchased or otherwise acquired 360 DigiTech securities between April 30, 2020 and July 7, 2021, both dates inclusive.
For More information as well as to join this case please contact Atara Twersky, Esq. at [email protected]. Atara is Principal at Twersky Law Group and Of counsel at AF&T law firm where she is director of Investor Services. Atara focuses her practice on assisting her clients with increasing their portfolio recoveries and ensuring that their portfolios remain healthy and robust. For more information on shareholder recoveries click here and to listen to Atara’s podcast with notable guests in the Pension fund Industry listen to Pension Trends Plus, on all matters related to your investment portfolio and more. For more information on Atara and her legal work connected to shareholder protection click here