Globe Newswire 12-Oct-2018 7:30 PM
NEW YORK, Oct. 12, 2018 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of PPDAI Group, Inc. ("PPDAI" or the "Company") (NYSE:PPDF). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether PPDAI and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On or around November 10, 2017, PPDAI conducted an initial public offering (the "IPO"), issuing approximately 17 million American Depositary Shares ("ADSs") to the investing public at $13 per share. On November 21, 2017, Chinese regulators issued an administrative order banning the issuance of new online peer-to-peer licenses, citing improper and illegal practices by companies such as PPDAI, including extremely high-interest rates, illegal collections, and lack of risk management. Following this news, PPDAI's ADS price fell $2.62 per share, or 24.3%, to close at $8.18 per share on November 22, 2017.
Then, on December 1, 2017, Chinese regulators issued another order, outlining specific guidelines meant to correct improper practices among online lenders such as PPDAI, including, among other things, a 36% cap on annualized interest or fees charged on lending products, enhanced risk management requirements, and stricter restrictions on aggressive collection practices. On this news, PPDAI's ADS price fell $2.44 per share, or 25.4%, over the following trading sessions, closing at $7.16 per share on December 7, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 9980
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