NEW ORLEANS, Feb. 06, 2024 (GLOBE NEWSWIRE) — Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until March 11, 2024 to file lead plaintiff applications in a securities class action lawsuit against Dada Nexus Limited (NasdaqGS: DADA), if they purchased or otherwise acquired the Company’s securities between May 11, 2023 and January 8, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the Central District of California.
What You May Do
If you purchased securities of Dada Nexus as above and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nasdaqgs-dada/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by March 11, 2024.
About the Lawsuit
Dada Nexus and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On January 8, 2024, pre-market, the Company disclosed that “certain suspicious practices were identified that may cast doubt on certain revenues from the Company’s online advertising and marketing services in 2023,” specifically estimated to include “approximately RMB500 million of revenues from online advertising and marketing services and RMB500 million of operations and support costs [that] may have been overstated, respectively, for the first three quarters of 2023.” Further, the Company stated that “the revenue guidance previously provided by the Company for the fourth quarter and full year of 2023 should no longer be relied upon until further notice.”
On this news, the price of Dada’s American Depositary Receipts plummeted approximately 45%, to close at $17.12 per share, on January 8, 2024.
The case is Wang v. Dada Nexus Limited, et al., No. 24-cv-00239.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana and New Jersey.
To learn more about KSF, you may visit http://ksfcounsel.com/.
Contact:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163
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