Lawsuit for Investors in Shares of Pinduoduo Inc. (NASDAQ: PDD) Announced by Shareholders Foundation
SAN DIEGO, CA / ACCESSWIRE / September 24, 2018 / The Shareholders Foundation, Inc. announces that a lawsuit was filed for certain investors in shares of Pinduoduo Inc. (PDD).
Investors, who purchased shares of Pinduoduo Inc. (PDD) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
On July 31, 2018 and August 1, 2018, media outlets reported that China's Statement Administration for Market Regulation ordered Shanghai's Industry and Commerce Bureau to investigate Pinduoduo Inc. after reports that third-party vendors were selling counterfeit goods on Pinduoduo's group-discounting website.
On August 21, 2018, a lawsuit was filed against Pinduoduo Inc. over alleged securities laws violations in connection with the Company's July 26, 2018 initial public offering (the "IPO" or the "Offering"). More specifically, the plaintiff claims that the 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. The plaintiff alleges that 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. More specifically, the plaintiff alleges that the defendants made false and/or misleading statements and/or failed to disclose that Pinduoduo's controls were ineffective to prevent third-party vendors from selling counterfeit goods on the Company's online platform, that consequently, Pinduoduo's revenues and the number of active merchants using its platform were traceable in part to unlawful conduct and thus unsustainable, and that as a result, Pinduoduo's public statements were materially false and misleading at all relevant times.
Those who purchased Pinduoduo Inc. (PDD) shares should contact the Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is only provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
SOURCE: Shareholders Foundation, Inc.
