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PDD INVESTOR ALERT: Robbins Geller Rudman & Dowd LLP Announces that PDD Holdings Inc. f/k/a Pinduoduo Inc. Investors with Substantial Losses Have Opportunity to Lead the PDD Class Action Lawsuit
Globe Newswire 13-Aug-2024 8:13 PM
SAN DIEGO, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of PDD Holdings Inc. f/k/a Pinduoduo Inc. (NASDAQ:PDD) publicly traded securities between April 30, 2021 and June 25, 2024, inclusive (the "Class Period"), have until October 15, 2024 to seek appointment as lead plaintiff of the PDD class action lawsuit. Captioned Baxter v. PDD Holdings Inc. f/k/a Pinduoduo Inc., No. 24-cv-05653 (E.D.N.Y.), the PDD class action lawsuit charges PDD and certain of PDD's top current and former executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the PDD class action lawsuit, please provide your information here:
You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com. Lead plaintiff motions for the PDD class action lawsuit must be filed with the court no later than October 15, 2024.
CASE ALLEGATIONS: PDD is a multinational commerce group that owns and operates a portfolio of businesses, including Temu.
The PDD class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) PDD's applications contained malware, which was designed to obtain user data without the user's consent, including reading private text messages; (ii) 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; and (iii) the above subjected PDD to a heightened risk of legal and political scrutiny.
The PDD class action lawsuit further alleges that on March 21, 2023, Reuters published an article entitled "Google suspends China's Pinduoduo app on security concerns." On this news, the price of PDD American Depositary Shares ("ADSs") fell more than 4%, according to the complaint.
Then, on March 27, 2023, the PDD class action lawsuit further alleges that Bloomberg published an article entitled "Pinduoduo App Malware Detailed by Cybersecurity Researchers." On this news, the price of PDD ADSs fell, according to the complaint.
The PDD class action lawsuit further alleges that on April 2, 2023, CNN published an article entitled "‘I've never seen anything like this:' One of China's most popular apps has the ability to spy on its users, say experts." On this news, the price of PDD ADSs fell, according to the complaint.
Finally, on June 25, 2024, Tim Griffin, the Attorney General of Arkansas, announced that he is suing Temu for violations of the Arkansas Deceptive Trade Practices Act and the Arkansas Personal Information Protection Act, according to the complaint. The PDD class action lawsuit alleges that on this news, the price of PDD ADSs fell.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired PDD publicly traded securities during the Class Period to seek appointment as lead plaintiff in the PDD class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the PDD class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the PDD class action lawsuit. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the PDD class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world's leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs' firms in the world and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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Contact: Robbins Geller Rudman & Dowd LLP J.C. Sanchez, Jennifer N. Caringal 655 W. Broadway, Suite 1900, San Diego, CA 92101 800-449-4900 info@rgrdlaw.com
