Dada – Twersky Law Group, a highly regarded and reputable law firm based in New York, wishes to inform investors about a significant development in the form of a class action lawsuit against Dada Nexus Limited (“Dada” or “the Company”) (NASDAQ: DADA) and certain officers of the company. This lawsuit has been filed on behalf of all individuals and entities that purchased or otherwise acquired Dada securities from May 11, 2023 through January 8, 2024 (the “Class Period”). Investors who acquired Dada securities during this defined timeframe are strongly encouraged to participate in this case by contacting email@example.com. The deadline to file a motion for appointment of lead plaintiff is March 11, 2024.
The fundamental objective of this class action lawsuit is to recover for the benefit of investors who purchased Dada securities during the Class Period, the losses they sustained as a consequence of the misleading statements made by Defendants in violation of the federal securities laws.
ALLEGATIONS AGAINST DADA
According to the lawsuit, defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) Dada revenues from online advertising, marketing services, and operations and support costs were materially overstated; (2) as a result, Dada would need to conduct an independent review to ascertain the financial impact and the scope of suspicious practices that led to overstated revenues and costs; and (3) as a result, defendants statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
- Dada Nexus Limited is a Chinese company that operates in the on-demand delivery and logistics sector. It was founded in 2014 and is headquartered in Shanghai, China. Dada Nexus provides a platform that connects merchants, delivery riders, and consumers to facilitate the delivery of goods and services. One of the key services offered by Dada Nexus is grocery delivery through its platform, Dada Now. The company partners with various retailers and brands to offer on-demand delivery of groceries and other products to consumers. Dada Now utilizes a crowdsourced network of delivery riders to fulfill orders quickly.
- Dada Nexus Limited went public on the Nasdaq Stock Market in June 2020 under the ticker symbol “DADA.” The company has played a significant role in the development of China’s on-demand delivery market, especially in the context of e-commerce and online-to-offline (O2O) services.
JOIN THIS CASE
It is important to note that a class action lawsuit has already been filed in connection with these allegations. Therefore, for those individuals who suffered financial losses in their investments in Dada during the Class Period, there is a limited opportunity to seek appointment as a lead plaintiff. This process entails requesting the Court to designate them as the primary representative on behalf of the entire class. The deadline for submitting such a request is March 11, 2024. It is important to emphasize that while becoming a lead plaintiff can offer certain advantages, participation in the recovery process and the potential for financial compensation does not mandate serving as a lead plaintiff.
Twersky Law Group, a distinguished legal firm renowned for its attorneys expertise in handling securities fraud class actions and shareholder derivative suits, who have a long-standing track record of successfully recovering significant sums of money for investors nationwide. With an unwavering commitment to seeking justice for their clients, the firm’s attorneys are resolute in pursuing fair compensation on behalf of those affected by alleged securities law violations. As with any legal matter, it is essential to understand that this announcement constitutes attorney advertising. Past case outcomes and results achieved do not guarantee similar outcomes in this particular case.