LOS ANGELES, August 06, 2021 (GLOBE NEWSWIRE) – Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming September 7, 2021 deadline to file a motion as the principal plaintiff in the class action filed on behalf of investors who have purchased or otherwise acquired DiDi Global Inc. (“DiDi” or the “Company”) (NYSE: HAVE I GOT): (a) American Depositary Shares (“ADS” or “shares”) in accordance with and / or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the initial public offering of the Company in June 2021 (“IPO” or “the Offer”); and / or (b) titles between June 30, 2021 and July 21, 2021, inclusive (the “Class Period”).
If you have suffered a loss on your DiDi investments or would like to inquire about the possibility of pursuing claims to recover your loss under federal securities laws, you can submit your details to https: // www.glancylaw.com/cases/didi-global -inc /. You can also contact Charles H. Linehan of GPM at 310-201-9150, toll-free at 888-773-9224, or by email at [email protected] to learn more about your rights.
DiDi claims to be the world’s largest mobility technology platform. The company claims to be the “benchmark brand in China for shared mobility,” offering a range of services including ridesharing, taxi, driver and hitch services.
On or around June 30, 2021, DiDi sold approximately 316.8 million ADS during its IPO for $ 14 per share, raising nearly $ 4.5 billion in new capital.
On July 2, 2021, the Cyberspace Administration of China (“CAC”) said it had launched an investigation into DiDi to protect national security and the public interest. He also said he asked DiDi to stop new user registrations during the investigation.
Following this news, the Company’s share price fell $ 0.87, or approximately 5.3%, to close at $ 15.53 per share on July 2, 2021, on unusually high trading volume. .
Then, 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. 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.”
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 offer due to national security concerns and to “conduct a thorough self-examination of the security of its network.”
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 unusually high trading volume. raised.
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 registration statement was materially false and misleading and failed to state material adverse facts. Throughout the Class Period, the Defendants made materially false and / or misleading statements, and failed to disclose material adverse facts regarding the business, operations and prospects of the Company. Specifically, the Defendants failed to disclose to investors: (1) that DiDi’s applications did not comply with applicable laws and regulations governing the protection of privacy and the collection of personal information; (2) that, as a result, the Company was reasonably susceptible to scrutiny by the Cyberspace Administration of China; (3) that 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) that 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) that as a result of the foregoing, the Defendants’ positive statements regarding the activities, operations and prospects of the Company were materially misleading and / or lacked reasonable basis.
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If you have purchased or acquired DiDi ADSs in accordance with or traceable to the IPO and / or securities during the Recourse Period, you may apply to the Court at the latest September 7, 2021 to seek appointment as the principal plaintiff in this putative class action lawsuit. To be a member of the class action, you do not need to take any action at this time; you can retain the services of the lawyer of your choice or take no action and remain an absent member of the class action. If you would like to know more about this class action, or if you have any questions regarding this announcement or your rights or interests in relation to the pending class action, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100 , Los Angeles, CA 90067 at 310-201-9150, toll free at 888-773-9224, by email at [email protected], or visit our website at www.glancylaw.com. If you are applying by email, please include your mailing address, phone number and number of shares purchased.
This press release may be considered an attorney’s advertisement in certain jurisdictions under applicable law and ethical rules.
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224