An investigation for investors in PDD Holdings Inc. (NASDAQ:PDD) shares over potential securities laws violations by PDD Holdings Inc. was announced.
San Diego, CA -- (SBWIRE) -- 08/14/2023 -- PDD Holdings Inc. is under investigation over potential securities laws violations in connection with certain financial statements.
Investors who purchased shares of PDD Holdings Inc. (NASDAQ: PDD), have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether a series of statements by PDD Holdings Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Ireland based PDD Holdings Inc. f/k/a Pinduoduo Inc., a multinational commerce group, owns and operates a portfolio of businesses. PDD Holdings Inc. reported that its annual Total Revenue rose from over 93.94 billion CNY in 2021 to over 130.55 billion CNY in 2022, and that its Net Income increased from over 7.76 billion CNY in 2021 to over 31.53 billion CNY in 2022.
On March 21, 2023, CNN published an article entitled "Google suspends Chinese shopping app Pinduoduo over malware." The CNN report stated "Google has suspended Pinduoduo, a popular Chinese budget shopping app, from its Play Store after finding malware in versions of the app. In a Tuesday statement, Google said versions of the app that are not in the Play Store have been found to contain malware."
Then on April 3, 2023, CNN published an article entitled "'I've never seen anything like this:' One of China's most popular apps has the ability to spy on its users, say experts." The article stated, "[i]n a detailed investigation, CNN spoke to half a dozen cybersecurity teams from Asia, Europe and the United States — as well as multiple former and current Pinduoduo employees — after receiving a tipoff. Multiple experts identified the presence of malware on the Pinduoduo app that exploited vulnerabilities in Android operating systems. Company insiders said the exploits were utilized to spy on users and competitors, allegedly to boost sales."
Shares of PDD Holdings Inc. (NASDAQ: PDD) declined from $106.38 per share on January 27, 2023 to $59.67 per share on May 10, 2023.
Those who purchased shares of PDD Holdings Inc. (NASDAQ: PDD) have certain options and should contact the Shareholders Foundation.
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