A securities class action lawsuit was recently filed against DiDIi Stock (DIDI.N). According to the filed lawsuit, the Registration Statement featured false and/or misleading statements and/or failed to disclose that: (1) DiDi “had the problem of collecting personal information in violation of relevant PRC laws and regulations”; (2) DiDi’s app, DiDi Chuxing (Travel), would face an imminent cybersecurity review by the Cyberspace Administration of China (“CAC”); (3) the CAC would require all Chinese app stores to remove DiDi Chuxing; and (4) as a result, defendants’ statements about the Company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
DiDi is a mobility technology platform that offers app-based services across Asia Pacific, Latin America and Africa, as well as in Central Asia and Russia, including ride hailing, taxi hailing, chauffeur, hitch and other forms of shared mobility as well as auto solutions, food delivery, intra-city freight and financial services.
Didi stock shares shares fell as much as 25% in early U.S. trading on Tuesday July 6, in the first session since Chinese regulators ordered the company’s app to be removed from mobile app stores in China by the Cyberspace Administration of China which had said it was investigating Didi handling of customer data.
The alleged class includes : All persons or entities who purchased or otherwise acquired publicly traded DiDi stock pursuant and/or traceable to the registration statement and related prospectus issued in connection with DiDi’s June 30, 2021 initial public offering.[IPO]
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