INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Pinduoduo, Inc. Investors
Sep. 12, 2018
BENSALEM, Pa.--(BUSINESS WIRE)--Sep 12, 2018--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired securities of Pinduoduo, Inc. (“Pinduoduo” or the “Company”) (NASDAQ: PDD ) securities pursuant to the Company’s July 2018 initial public offering, or in the open market between July 23, 2018 and August 21, 2018 , inclusive (the “Class Period”). Pinduoduo investors have until October 22, 2018 to file a lead plaintiff motion.
Investors suffering losses on their Pinduoduo investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
On July 31, 2018 and August 1, 2018, media outlets reported that Chinese government agencies began investigating Pinduoduo after reports that third-party vendors were selling counterfeit goods on Pinduoduo’s group-discounting website. On this news, shares of Pinduoduo fell $2.28, to close at $20.31 on August 1, 2018, thereby injuring investors.
The Complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. In the Registration Statement and Prospectus issued in connection with Pinduoduo's IPO, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Pinduoduo's controls were ineffective to present third-party vendors from selling counterfeit goods on the Company's online platform; (ii) consequently, Pinduoduo's revenues and the number of active merchants using its platform were traceable in part to unlawful conduct and thus unsustainable; and (iii) as a result, Pinduoduo's public statements were materially false and misleading at all relevant times.
If you purchased shares of Pinduoduo, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180912006140/en/
CONTACT: Law Offices of Howard G. Smith
Howard G. Smith, Esquire
KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Law Offices of Howard G. Smith
Copyright Business Wire 2018.
PUB: 09/12/2018 07:43 PM/DISC: 09/12/2018 07:43 PM