A lawsuit was filed on behalf of investors in Pinduoduo Inc. (NASDAQ: PDD) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 09/06/2018 -- An investor, who purchased shares of Pinduoduo Inc. (NASDAQ: PDD), filed a lawsuit over alleged violations of Federal Securities Laws by Pinduoduo Inc. in connection with the Company's July 26, 2018 initial public offering (the "IPO" or the "Offering").
Investors in shares of Pinduoduo Inc. (NASDAQ: PDD) have certain options and for certain investors are short and strict deadlines running. Deadline: October 22, 2018. NASDAQ: PDD investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
On July 26, 2018, Pinduoduo Inc announced its pricing of its initial public offering ("IPO"). Shares of Pinduoduo Inc. (NASDAQ: PDD) reached $27.54 per share on July 27, 2018.
According to the complaint the plaintiff alleges on behalf of purchasers of Pinduoduo Inc. (NASDAQ: PDD) common shares pursuant and/or traceable to the Company's July 26, 2018 initial public offering, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that the 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. The plaintiff alleges that In the Registration Statement and Prospectus issued in connection with Pinduoduo's IPO, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. More specifically, the plaintiff alleges that the defendants made false and/or misleading statements and/or failed to disclose that Pinduoduo's controls were ineffective to prevent third-party vendors from selling counterfeit goods on the Company's online platform, that consequently, Pinduoduo's revenues and the number of active merchants using its platform were traceable in part to unlawful conduct and thus unsustainable, and that as a result, Pinduoduo's public statements were materially false and misleading at all relevant times.
Those who purchased shares of Pinduoduo Inc. (NASDAQ: PDD) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego