Levi & Korsinsky Announces the Filing of a Securities Class Action on Behalf of PDD Holdings Inc. f/k/a Pinduoduo Inc.(PDD) Shareholders

Globe Newswire 9-Oct-2024 12:45 PM

NEW YORK, Oct. 09, 2024 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP notifies investors in PDD Holdings Inc. f/k/a Pinduoduo Inc. ("PDD" or the "Company") (NASDAQ:PDD) of a class action securities lawsuit.

CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of PDD investors who were adversely affected by alleged securities fraud between April 30, 2021 and September 12, 2024. Follow the link below to get more information and be contacted by a member of our team:

https://zlk.com/pslra-1/pdd-holdings-inc-f-k-a-pinduoduo-inc-lawsuit-submission-form?prid=107306&wire=3

PDD investors may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.

CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed 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 the Company 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.

WHAT'S NEXT? If you suffered a loss in PDD during the relevant time frame, you have until October 15, 2024 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.

NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.

WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 17th Floor
New York, NY 10004
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com