NEW YORK, July 13, 2021 / PRNewswire / – Pomerantz LLP announces that a class action lawsuit has been filed against 360 DigiTech, Inc. (“360 DigiTech”, or the “Company”) (NASDAQ: QFIN) and certain of its officers. The class action, filed in United States District Court of the Southern District of new York, and listed under 21-cv-06013, is in the name of a class made up of all persons and entities other than the Defendants who have purchased or otherwise acquired 360 DigiTech securities between April 30, 2020 and July 7, 2021, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants in violation of federal securities laws and to pursue remedies under Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and rules 10b-5 promulgated by virtue of it, against the Company and certain of its senior executives.
If you are a shareholder who purchased 360 DigiTech securities during the Class Period, you have up to September 13, 2021 ask the court to appoint you as the principal plaintiff for the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, Ext. 7980. Those inquiring by e-mail are encouraged to provide their mailing address, telephone number and the number of shares purchased.
360 DigiTech, through its subsidiaries, operates a digital consumer credit platform under the 360 Jietiao brand in the People’s Republic of China (“RPC”). Its platform provides online consumer credit products to borrowers funded by institutional funding partners. The Company also provides credit reporting, collection and other additional services, as well as guarantee for delinquent loans. The company was previously known as 360 Finance, Inc. and changed its name to 360 DigiTech, Inc. in September 2020.
The complaint alleges that throughout the Class Period, the Defendants made materially false and misleading representations regarding the Company’s business, operational and compliance policies. Specifically, the Defendants have made false and / or misleading statements and / or failed to disclose that: (i) the Company has collected personal information in violation of the laws and regulations of the PRC; (ii) as a result, 360 DigiTech has been exposed to increased risk of regulatory oversight and / or enforcement actions; and (iii) accordingly, the Company’s public statements were materially false and misleading at all material times.
At July 8, 2021, reports have circulated on social media that the company’s main product, the 360 IOU app, has been pulled from major app stores. The reports followed the removal of other companies’ apps as Chinese regulators investigated their customer data protection practices.
On this news, the DigiTech 360 share price fell $ 7.12 per share, or 21.48%, to close at $ 26.02 per share on July 8, 2021.
Then on July 9, 2021, In search of the alpha reported that 360 DigiTech has confirmed the removal of its 360 IOU app from the Android app store and cited a company spokesperson, who revealed that the company has “submitted a new rectification plan and expedited the whole process “.
The Pomerantz firm, with offices in new York, Chicago, Los Angeles, and Paris is recognized as one of the leading firms in the areas of corporate law, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz was a pioneer in the field of class actions in securities. Today, more than 80 years later, Pomerantz continues the tradition it established, fighting for the rights of victims of securities fraud, breach of fiduciary duty and professional misconduct. The firm has recovered numerous multi-million dollar damages on behalf of the members of the group. See www.pomerantzlaw.com
Robert S. Willoughby
888-476-6529 ext 7980
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SOURCE Pomerantz LLP