SHAREHOLDER ALERT - Bronstein, Gewirtz & Grossman, LLC Notifies Investors of Class Action Against Pinduoduo Inc. (PDD) and Lead Plaintiff Deadline – October 22, 2018
Bronstein, Gewirtz & Grossman, LLC
Aug. 24, 2018
NEW YORK, Aug. 24, 2018 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Pinduoduo Inc. (“Pinduoduo” or the “Company”) (NASDAQ: PDD) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Pinduoduo securities pursuant and/or traceable to the Company’s July 26, 2018 initial public offering (the “IPO” or the “Offering”). Such investors are encouraged to join this case by visiting the firm’s site: http://www.bgandg.com/pdd.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws.
The Complaint alleges that in the Registration Statement and Prospectus issued in connection with Pinduoduo’s IPO, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Pinduoduo’s controls were ineffective to prevent third-party vendors from selling counterfeit goods on the Company’s online platform; (2) consequently, Pinduoduo’s revenues and the number of active merchants using its platform were traceable in part to unlawful conduct and thus unsustainable; and (3) 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 this news, the price of Pinduoduo ADSs fell $2.28, or 10.09%, to close at $20.31 on August 1, 2018. At the time of the filing of the complaint, Pinduoduo’s ADS price had not recovered, and traded below its Offering price of $19.00 per share.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: http://www.bgandg.com/pdd or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Pinduoduo you have until October 22, 2018 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.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | firstname.lastname@example.org