San Diego, CA -- (SBWIRE) -- 01/26/2024 -- An investor, who purchased shares of Dada Nexus Limited (NASDAQ: DADA), filed a lawsuit against Dada Nexus Limited over alleged violations of Federal Securities Laws.

Investors who purchased shares of Dada Nexus Limited (NASDAQ: DADA) have certain options and for certain investors are short and strict deadlines running. Deadline: March 11, 2024. NASDAQ: DADA investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

China based Dada Nexus Limited operates a platform of local on-demand retail and delivery in the People's Republic of China. On January 8, 2024, before the market opened, Dada Nexus Limited issued a press release, which stated "in the course of its routine internal audit, certain suspicious practices were identified that may cast doubt on certain revenues from the Company's online advertising and marketing services in 2023." In addition, the press release stated Dada "currently estimates that approximately RMB500 million of revenues from online advertising and marketing services and RMB500 million of operations and support costs may have been overstated, respectively, for the first three quarters of 2023. In addition, 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."

Shares of Dada Nexus Limited (NASDAQ: DADA) declined from $15.59 per share in January 2023 to as low as $1.36 per share on January 17, 2024.

The plaintiff claims that between May 11, 2023 and January 8, 2024, the defendants made materially false and/or misleading statements and/or failed to disclose that Dada Nexus Limited revenues from online advertising, marketing services, and operations and support costs were materially overstated, that as a result, Dada Nexus Limited would need to conduct an independent review to ascertain the financial impact and the scope of suspicious practices that led to overstated revenues and costs, and that as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Those who purchased shares of Dada Nexus Limited (NASDAQ: DADA) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and 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. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.