An investigation on behalf of investors in ZTO Express (Cayman) Inc. (NASDAQ:ZTO) shares over potential wrongdoing at ZTO Express (Cayman) Inc. was announced.
San Diego, CA -- (SBWIRE) -- 05/16/2023 -- An investigation was announced over potential breaches of fiduciary duties by certain directors at ZTO Express (Cayman) Inc.
Investors who purchased shares of ZTO Express (Cayman) Inc. (NASDAQ: ZTO) 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 concerns whether certain ZTO Express (Cayman) Inc. directors breached their fiduciary duties and caused damage to the company and its shareholders.
China based ZTO Express (Cayman) Inc. provides express delivery and other value-added logistics services in the People's Republic of China. ZTO Express (Cayman) Inc reported that its annual Total Revenue rose from over 25.21 billion CNY in 2020 to over 30.4 billion CNY in 2021 amd that its Net income increased from over 4.31 billion CNY in 2020 to over 4.75 billion CNY in 2021.
On March 2, 2023, market analyst Grizzly Research published a report on ZTO Express (Cayman) Inc called "ZTO Express Inc. (NYSE: ZTO): China's "Best-in-Class" Logistics Company is Really "Best in Show"; We Believe Financials are Fake and Insiders are Stealing from the Company." The report alleged that ZTO Express (Cayman) Inc has falsified various financial metrics in its Securities & Exchange Commission ("SEC") filings, including its margins, by understating revenues and overstating net profit. Further, the report alleged, among other things, that ZTO Express underreports employees to decrease its costs, that its utilizes "sham network partner acquisitions to enrich insiders" and engages in undisclosed related party transactions.
Shares of ZTO Express (Cayman) Inc. (NASDAQ: ZTO) closed on March 06, 2023 at $25.47 per share.
Those who purchased shares of ZTO Express (Cayman) Inc. (NASDAQ: ZTO) have certain options and should contact the Shareholders Foundation.
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