Law Offices of Howard G. Smith announces an investigation on behalf of PPDAI Group Inc. (PPDAI or the Company) (NYSE: PPDF) investors concerning the Company and its officers possible violations of federal securities laws.
The Company conducted its initial public offering of 17 million American depositary shares in November 2017 at $13 per share.
Shortly after the IPO, however, Chinese regulators banned the issuance of new online peer-to-peer licenses, citing illegal practices by companies such as PPDAI. On this news, PPDAIs share price fell $2.62 per share, or more than 24%, to close at $8.18 per share on November 22, 2017, thereby injuring investors.
Then, on December 1, 2017, Chinese regulators issued an order outlining specific guidelines meant to correct improper practices among online lenders such as PPDAI. On this news, PPDAIs share price fell $2.44, or more than 25%, over several trading days, to close at $7.16 per share on December 7, 2017, thereby further injuring investors.
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If you purchased PPDAI securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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