Deadline of the DiDi Class Action
Investor rights law firm, Bernstein Liebhard, suggests investors file a lead plaintiff in a class-action lawsuit. The lawsuit filed on behalf of investors who acquired the securities of DiDi Global in the United States District Court for the Central District of California declares violations of the Securities Act of 1933.
The complaint claims that Defendants’ Registration Statement highlighted false or misleading statements and failed to disclose that:
DiDi had the issue of collecting personal information in breaking relevant regulations and PRC laws.
DiDi Chuxing, DiDi’s app, would face immediate cybersecurity, which the Cyberspace Administration of China reviewed.
The Cyberspace Administration of China would demand all Chinese app stores to remove DiDi Chuxing.
As a result, the defendants’ statements about the Company’s operations, business, and prospects were notably false and misleading. They lacked a reasonable reason at all times.
Press release of the Company in 2021
In July 2021, the Company published a press release. They revealed that Chinese authorities asked DiDi Global to stop registering new users while under investigation. At the same time, the Chinese authorities ordered to take down DiDi Global’s app. Later, the Wall Street Journal published an article stating that weeks before DiDi Global Inc. went public, China’s watchdog urged it to conduct a self-examination of its network security.
After this news, DiDi Global’s stock price dropped by more than $3.05 per share, which is almost 20%.
After 1993, Bernstein Liebhard LLP recovered more than $3.6 billion for its customers. In addition to individual investors, some of the most significant private and public pension funds retained the Company in the country to monitor their assets. As a result of its success in prosecuting hundreds of lawsuits and actions, The National Law Journal named the Company thirteen times in their lists.
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