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Investigation
07/06/2021
Initial Lawsuit
07/06/2021
Lawsuit Progression
10/12/2021
This is a class action on behalf of persons and entities that purchased or otherwise acquired DiDi: (a) American Depositary Shares pursuant and/or traceable to the registration statement and prospectus issued in connection with the Company’s June 2021 initial public offering; and/or (b) securities between June 30, 2021 and July 2, 2021, inclusive.
According to the complaint, 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. Specifically, defendants allegedly failed to disclose to investors:
(1) that DiDi’s apps did not comply with applicable laws and regulations governing privacy protection and the collection of personal information;
(2) that, as a result, the Company was reasonably likely to incur scrutiny from the Cyberspace Administration of China;
(3) that the CAC had already warned DiDi to delay its IPO to conduct a self-examination of its network security;
(4) that, as a result of the foregoing, DiDi’s apps were reasonably likely to be taken down from app stores in China, which would have an adverse effect on its financial results and operations;
(5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
