DiDi Global, Inc. (DIDI) Securities Class Actions:
The suits allege that DiDi's IPO materials contained misleading statements about (1) DiDi's problem of collecting personal information in violation of People's Republic of China ("PRC") laws and regulations, (2) the likelihood that DiDi's app, DiDi Chuxing (Travel), would face imminent cybersecurity review by the Cyberspace Administration of China ("CAC"), and as a result (3) the CAC would require all PRC app stores to remove DiDi Chuxing.
Within days of closing the IPO, investors began to learn the truth through a series of announcements.
On July 2, 2021, DiDi disclosed the CAC launched an investigation into the company to protect national security and the public interest and required it to suspend new user registrations in China.
On July 4, 2021, the company announced the CAC determined the company's DiDi Chuxing app has the problem of collecting personal information in violation of PRC laws and regulations and ordered app stores to take down the app in China.
On July 5, 2021, The Wall Street Journal reported that, three months before the IPO, the CAC asked DiDi to postpone the offering because of national security concerns and to conduct a thorough self-examination of its network security.
Then, on July 22, 2021 Bloomberg reported PRC regulators are considering levying fines against DiDi, suspending company operations, and possibly forcing the delisting or withdrawal of DiDi's U.S. shares.
"We're focused on investors' losses and proving DiDi failed to disclose known regulatory risks," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are a DiDi investor and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers:Persons with non-public information regarding DiDi should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email mailto: DIDI@hbsslaw.com.
About Hagens Berman Hagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw .
Contact: Reed Kathrein, 844-916-0895
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SOURCE Hagens Berman Sobol Shapiro LLP