Stull, Stull & Brody Announces Class Action Suit on Behalf of Purchasers of the Securities of Pinduoduo, Inc. (NASDAQ: PDD)
NEW YORK, Aug. 31, 2018 (GLOBE NEWSWIRE) -- Stull, Stull & Brody (“SS&B”) announces that a class action lawsuit has been filed on behalf of purchasers of the securities of Pinduoduo, Inc. (“Pinduoduo” or the “Company”), pursuant and/or traceable to the Company’s July 26, 2018 initial public offering (“IPO”).
The complaint alleges that the Company made materially false and misleading statements and omitted material facts about the Company’s business, operations and prospects. Specifically, the complaint alleges that the Registration Statement and Prospectus issued in connection with Pinduoduo’s IPO included materially false and/or misleading statements and/or failed to disclose that: (i) Pinduoduo’s controls were ineffective to prevent third-party vendors from selling counterfeit goods on the Company’s online platform; (ii) as a consequence, Pinduoduo’s revenues and the number of active merchants using its platform were traceable in part to unlawful conduct and were thus unsustainable; and (iii) as a result, Pinduoduo’s public statements were materially false and misleading at all relevant times. On July 31, 2018 and August 1, 2018, media outlets reported that China’s State Administration for Market Regulation was investigating Pinduoduo after reports of third-party vendors selling counterfeit goods on the Company’s group-discounting website. On that news, the price of Pinduoduo’s ADSs fell $2.28, or 10.09%, to close at $20.31 on August 1, 2018.
Investors who purchased or otherwise acquired Pinduoduo securities pursuant and/or traceable to the Company’s July 26, 2018 IPO may contact Stull, Stull & Brody, by email to email@example.com, by telephone at 1-212-687-7230, Ext. 145, or by fax to 1-212-490-2022.
You may retain Stull, Stull & Brody, or other counsel of your choice, to serve as your counsel in this action.
SS&B has litigated class actions for violations of securities laws and breaches of fiduciary duty on behalf of defrauded investors over the past 40 years and has obtained court approval of substantial settlements on numerous occasions. SS&B has offices in New York and Beverly Hills. SS&B’s website ( www.ssbny.com ) has additional information about the firm.
Attorney advertising. Prior results do not guarantee a similar outcome. This press release may be considered Attorney Advertising in some jurisdictions under applicable laws and ethical rules.
CONTACT:Stull, Stull & Brody1-212-687-7230, Ext. 145Attn: Jason D’AgnenicaEmail: firstname.lastname@example.org