Rosen Law Firm Encourages PDD Holdings Inc. f/k/a Pinduoduo Inc. Investors to Inquire About Securities Class Action Investigation PDD

Business Wire 2-Jul-2024 6:23 PM

Why: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of PDD Holdings Inc. f/k/a Pinduoduo Inc. (NASDAQ:PDD) resulting from allegations that PDD may have issued materially misleading business information to the investing public.

So What: If you purchased PDD securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

What to do next: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=15586 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action.

What is this about: On June 25, 2024, Arkansas Attorney General Tim Griffin announced he is suing parent companies of Temu—PDD Holdings Inc. and WhaleCo Inc. for violations of the Arkansas Deceptive Trade Practices Act ("ADTPA") and the Arkansas Personal Information Protection Act ("PIPA"). Attorney General Tim Griffin stated, "Temu is functionally malware and spyware. It is purposefully designed to gain unrestricted access to a user's phone operating system. It can override data privacy settings on users' devices, and it monetizes this unauthorized collection of data."

On this news, PDD's American Depositary Receipts' ("ADR") fell by 1.3% on June 26, 2024, and 4.6% on June 27, 2024.

Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

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