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RADNOR, Pa., July 14, 2021 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed in the United States District Court for the District of New Jersey against Kanzhun Limited (NASDAQ: BZ) (“Kanzhun”) on behalf of those who purchased or acquired Kanzhun securities between June 11, 2021 and July 2, 2021, inclusive (the “Class Period”).
Deadline Reminder: Investors who purchased or acquired Kanzhun securities during the Class Period may, no later than September 10, 2021, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; via e-mail at email@example.com; or click https://www.ktmc.com/kanzhun-limited-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=kanzhun
Kanzhun operates an online recruitment platform, BOSS Zhipin, which is a mobile-native product that promotes instant direct chats between employers and job seekers, delivers matching results, and is powered by proprietary artificial intelligence algorithms and big data insights.
On May 21, 2021, Kanzhun filed a registration statement on a Form F-1, which in combination with subsequent amendments on Forms F-1/A filed pursuant to Rule 424(b)(4), are collectively referred to as the Registration Statement and issued in connection with the initial public offering (“IPO”). On June 23, 2021, Kanzhun filed its final prospectus for its IPO on a Form 424B4, which forms part of the Registration Statement. In the IPO, Kanzhun sold approximately 48,000,000 American Depositary Shares (“ADSs”) at $19.00 per ADS.
The complaint alleges that the Registration Statement failed to reveal the Cyberspace Administration of China’s (“CAC”) positions and discussions with Kanzhun regarding its data security and cybersecurity issues.
The truth was revealed on July 5, 2021, when Kanzhun issued a press release entitled “KANZHUN LIMITED Announces Cybersecurity Review in China” which announced, in part, that Kanzhun “is subject to cybersecurity review by the [CAC]. During the review period, ‘BOSS Zhipin’ app is required to suspend new user registration in China to facilitate the process.”
Following this news, Kanzhun’s ADS price fell $5.79 per ADS, or 15%, to close at $30.52 per ADS on July 6, 2021, the next trading day.
The complaint alleges that in the Registration Statement and throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) Kanzhun would face an imminent cybersecurity review by the CAC; (2) the CAC would require Kanzhun to suspend new user registration on its BOSS Zhipin app; (3) Kanzhun needed “to conduct a comprehensive examination of cybersecurity risks”; (4) Kanzhun needed to “enhance its cybersecurity awareness and technology capabilities”; and (5) as a result, the defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Kanzhun investors may, no later than September 10, 2021, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (toll free)