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Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until September 7, 2021 to file lead plaintiff applications in securities class action lawsuits against DiDi Global Inc. (“DiDi” or the “Company”) (NYSE: DIDI), if they purchased the Company’s securities between June 30, 2021 and July 2, 2021, inclusive and/or pursuant to the Company’s June 2021 initial public offering.
DiDi and certain of its executives are charged with failing to disclose material information during the Class Period and/or in the Registration Statement and Prospectus issued in conjunction with the initial public offering, violating federal securities laws.
On July 2, 2021, the Cyberspace Administration of China (“CAC”) stated that it had launched a cybersecurity investigation into the Company to protect against potential risks to national security and the public interest, also requiring the Company to halt new user registrations during the review period. On this news, the Company’s share price fell $0.87, or approximately 5.3%, to close at $15.53 per share on July 2, 2021, on unusually heavy trading volume.
Then, on July 4, 2021, the Company disclosed that the CAC had ordered the removal of its smartphone app from online app stores because it “had the problem of collecting personal information in violation of relevant PRC laws and regulations,” and that the takedown “may have an adverse impact on its revenue in China.” Then, on July 5, 2021, The Wall Street Journal reported that the CAC had requested that the Company delay its initial public offering and urged it to review its network security weeks before its IPO.
On this news, the Company’s stock price fell $3.04 per share, or 19.6%, to close at $12.49 per share on July 6, 2021, on unusually heavy trading volume.
If you purchased securities of DiDi and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (firstname.lastname@example.org), or fill out the form on this page.
The cases, filed on the same day, are Espinal v. DiDi Global Inc., et al., 21-cv-05807 (S.D.N.Y.) and Franklin v. DiDi Global Inc., et al., 21-cv-5486 (C.D.C.A.)
Click here to read the first filed complaint.
Click here to read the subsequent complaint.