RADNOR, Pa., Oct. 04, 2024 (GLOBE NEWSWIRE) — The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that securities class action lawsuits have been filed in the United States District Court for the Eastern District of New York against PDD Holdings Inc. f/k/a Pinduoduo Inc. (“PDD”) (NASDAQ: PDD) on behalf of investors who purchased or otherwise acquired PDD securities between April 30, 2021 and September 12, 2024, inclusive (the “Class Period”) The lead plaintiff deadline is October 15, 2024.
CONTACT KESSLER TOPAZ MELTZER & CHECK, LLP:
If you suffered an investment loss in PDD, please contact attorney Jonathan Naji, Esq. by calling (484) 270-1453 or by email at info@ktmc.com.
CASE ALLEGATIONS:
The complaints allege, among other things, that throughout the Class Period, Defendants misled investors by touting PDD’s growth while concealing several factors that rendered this growth unsustainable and posed substantial risks to PDD’s business, including: (1) merchant policies that made it unprofitable for vendors to do business on PDD platforms while allowing PDD to grow revenues and save on operational costs; (2) malware issues on PDD applications that exploited customers and obtained user data without consent, including accessing sensitive information; (3) PDD’s failure to implement effective compliance systems, including a system to prevent goods made by forced labor from being sold on its platform; and (4) that, due to the foregoing, PDD faced undisclosed risks of poor merchant and customer relations as the platforms scaled, which ultimately led to hundreds of millions of dollars in fees returned to merchants, merchants defecting to competing sites, and the slowing growth of its customer base.
THE LEAD PLAINTIFF PROCESS:
PDD investors may, no later than October 15, 2024, 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. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP:
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaints were not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
(484) 270-1453
280 King of Prussia Road
Radnor, PA 19087
info@ktmc.com
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