NEW YORK, August 22, 2021 (GLOBE NEWSWIRE) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against DiDi Global Inc. (“DiDi” or the “Company”) ( : DIDI) and reminds investors of the deadline of September 7, 2021 to apply for the role of principal plaintiff in a federal securities class action that has been filed against the Company.
If you have suffered losses greater than $ 50,000 by investing in DiDi (a) stocks or options in accordance with and / or traceable to the registration statement and prospectus issued in connection with the Company’s initial public offering in June 2021; and / or (b) securities between June 30, 2021 and July 2, 2021 and want to discuss your legal rights, call partner Faruqi & Faruqi Josh Wilson directly To 877-247-4292 Where 212-983-9330 (ext. 1310). You can also click here for more information: www.faruqilaw.com/DIDI.
There is no cost or obligation for you.
Faruqi & Faruqi is a leading national minority and women-owned securities law firm, with offices in New York, Delaware, Pennsylvania, California and Georgia.
As detailed below, the lawsuit focuses on whether the Company and its officers violated federal securities laws by making false and / or misleading statements and / or failing to disclose that: (1 ) DiDi’s applications did not comply with applicable laws and regulations governing the privacy, protection and collection of personal information; (2) as a result, the Company was reasonably susceptible to scrutiny by the Cyberspace Administration of China; (3) the CAC had already warned DiDi to delay its IPO in order to carry out a self-examination of the security of its network; (4) due to the foregoing, DiDi’s apps were reasonably likely to be removed from app stores in China, which would adversely affect its financial results and operations; and (5) as a result of the foregoing, the Defendants’ positive statements regarding the business, operations and prospects of the Company were substantially misleading and / or lacked reasonable basis.
On Sunday, July 4, 2021, DiDi reported that the ACC had ordered smartphone app stores to stop offering the “DiDi Chuxing” app because it “collects[ed] personal information in violation of the laws and regulations of the PRC. The company has been ordered to make changes to comply with Chinese data protection rules to “ensure the security of users’ personal information.” DiDi said it “will strive to rectify any issues, improve its risk prevention awareness and technological capabilities, protect the privacy and security of user data, and continue to provide secure services. and practical to its users “. Although users who previously downloaded the app can continue to use it, DiDi said that “removing the app could have a negative impact on its revenue in China.”
On July 5, 2021, the Wall Street Journal reported that the ACC had asked the company as early as three months before the IPO to postpone the offering due to national security concerns and to “conduct a thorough self-examination. the security of its network. “72. Following this news, the company’s stock price fell $ 3.04 per share, or 19.6%, to close at $ 12.49 per share on July 6, 2021, on a volume unusually high transactions.
At the start of this action, the company’s shares were trading at $ 12.06 per share, down nearly 14% from the IPO price of $ 14 per share.
The principal plaintiff appointed by the court is the investor with the greatest financial interest in the remedy sought by the group, who is adequate and typical of the members of the group who are directing and supervising the litigation on behalf of the putative group. Any putative class member can propose to the court to serve as lead plaintiff through any lawyer they choose, or they can choose to do nothing and remain an absent member of the class. Your ability to participate in any recovery is not affected by the decision whether or not to serve as the principal applicant.
Faruqi & Faruqi, LLP also encourages anyone with information regarding DiDi’s conduct to contact the company, including whistleblowers, former employees, shareholders and others.
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