Glancy Prongay & Murray LLP (GPM) reminds investors of the October 22, 2018 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Pinduoduo, Inc. (Pinduoduo or the Company) (NASDAQ: PDD) securities between July 23, 2018 and August 21, 2018, inclusive (the Class Period). Pinduoduo investors have until October 22, 2018 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On July 31, 2018 and August 1, 2018, media outlets reported that Chinese government agencies began investigating Pinduoduo after reports that third-party vendors were selling counterfeit goods on Pinduoduos group-discounting website. On this news, shares of Pinduoduo fell $2.28, to close at $20.31 on August 1, 2018, thereby injuring investors.
The Complaint filed in this class action alleges that throughout the Class Period, 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. 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. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Pinduoduo’s controls were ineffective to present third-party vendors from selling counterfeit goods on the Company’s online platform; (ii) consequently, Pinduoduo’s revenues and the number of active merchants using its platform were traceable in part to unlawful conduct and thus unsustainable; and (iii) as a result, Pinduoduo’s public statements were materially false and misleading at all relevant times.
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If you purchased shares of Pinduoduo, you may move the Court no later than October 22, 2018 to ask the Court to appoint you as lead. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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