CONTACT: The Schall Law Firm Brian Schall, Esq. 310-301-3335info@schallfirm.comwww.schallfirm.com
SOURCE: The Schall Law Firm
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RADNOR, PA / ACCESSWIRE / September 17, 2024 / The law firm of Kessler Topaz Meltzer & Check, LLP(www.ktmc.com) informs investors that a securities class action lawsuit has been filed against PDD Holdings Inc. f/k/a Pinduoduo Inc. ("PDD") (NASDAQ:PDD) on behalf of investors who purchased or otherwise acquired PDD securities between April 30, 2021 and June 25, 2024, inclusive (the "Class Period") The lead plaintiff deadline is October 15, 2024.
CONTACT KESSLER TOPAZ MELTZER & CHECK, LLP:
If you suffered PDD losses, you mayCLICK HEREor go to:https://www.ktmc.com/new-cases/pdd-holdings-inc?utm_source=PR&utm_medium=link&utm_campaign=pdd&mktm=r
PleaseCLICK HEREto view our video or copy and paste this link into your browser: https://youtu.be/glvfZPoNCbE
You can also contact attorneyJonathan Naji, Esq.by calling (484) 270-1453 or by email atinfo@ktmc.com.
DEFENDANTS' ALLEGED MISCONDUCT:
The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) PDD's applications contained malware, which was designed to obtain user data without the user's consent, including reading private text messages; (2) PDD has no meaningful system to prevent goods made by forced labor from being sold on its platform, and has openly sold banned products on its Temu platform; (3) the foregoing subjected PDD to a heightened risk of legal and political scrutiny; and (4) 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.
THE LEAD PLAINTIFF PROCESS:
PDDinvestors may, no later than October 15, 2024, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or 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 directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check, LLP encourages PDD investors who have suffered significant losses to contact the firm directly to acquire more information.
CLICK HERETO SIGN UP FOR THE CASE OR GO TO:https://www.ktmc.com/new-cases/pdd-holdings-inc?utm_source=PR&utm_medium=link&utm_campaign=pdd&mktm=r
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP:
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
(484) 270-1453
280 King of Prussia Road
Radnor, PA 19087
May be considered attorney advertising in certain jurisdictions. Past results do not guarantee future outcomes.
SOURCE: Kessler Topaz Meltzer & Check, LLP
View the original press release on accesswire.comLOS ANGELES, CA / ACCESSWIRE / September 16, 2024 / The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against PDD Holdings Inc. f/k/a Pinduoduo Inc. ("PDD" or "the Company") (NASDAQ:PDD) for violations of 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's securities between April 30, 2021 and June 25, 2024, inclusive (the "Class Period"), are encouraged to contact the firm before October 15, 2024.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at bschall@schallfirm.com.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. PDD's applications included malware allowing private messages to be read by third parties, among other serious problems for users. The Company had no enforcement method to prevent goods produced by forced labor from being sold on its platforms including Temu. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about PDD, investors suffered damages.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
CONTACT: The Schall Law Firm Brian Schall, Esq. 310-301-3335info@schallfirm.comwww.schallfirm.com
SOURCE: The Schall Law Firm
US-listed shares of Chinese stocks, including Alibaba Group Holding Limited and PDD Holdings, Inc. , are trading slightly lower Monday following weak economic data released over the weekend.
The Details:
Data released on Saturday showed factory output, consumption and investment in China all slowed more than anticipated, while the jobless rate unexpectedly rose to a six-month high. Home prices also fell at the fastest pace in ten years, increasing the likelihood of the world's second-largest economy falling into a deflationary spiral.
Credit data released last week showed private confidence remained weak despite a string of interest-rate cuts, and the People's Bank of China last week indicated it will prepare additional stimulus and policies to revive the economy.
Mainland China markets will be closed through Wednesday for the Mid-Autumn festival holiday, though Hong Kong markets were open and closed slightly higher Monday after a choppy session.
Read Next: Why Temu Parent PDD Holdings’ Stock Is Down
What Else: Last Friday, the Biden administration announced significant tariff hikes on Chinese goods, including a 100% duty on electric vehicles, 50% on solar cells, and 25% on steel, aluminum, EV batteries, and key minerals. The increased tariffs are set to take effect on Sept. 27, according to the U.S. Trade Representative (USTR).
Shares of Chinese EV companies, including NIO, Inc. and Li Auto, Inc. , are trading lower on both increased tariffs and the weekend's grim economic data out of China. Temu parent-company, PDD Holdings, is also trading lower after the White House on Friday announced new measures to tackle the abuse of the de minimis exemption by Chinese e-commerce platforms.
BABA, PDD, NIO, LI Price Action: According to Benzinga Pro, US-listed Alibaba Group shares are down 1.5% at $83.42, PDD Holdings shares are down 0.93% at $94.11, Nio shares are down 2.22% at $5.42 and Li Auto shares are trading 1.78% lower at $18.78 at the time of publication Monday.
Read Also:
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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