An investor, who purchased shares of DiDi Global Inc. (NYSE: DIDI), filed a lawsuit in the U.S. over alleged violations of Federal Securities Laws by DiDi Global Inc. in connection with the Company’s June 2021 initial public offering (“IPO” or the “Offering”) and between June 30, 2021 and July 2, 2021.
Investors who purchased shares of DiDi Global Inc. (NYSE: DIDI) have certain options and for certain investors are short and strict deadlines running. Deadline: September 7, 2021. NYSE: DIDI investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.
China based DiDi Global Inc., a mobility technology platform, provides ride hailing and other services in the People’s Republic of China, Brazil, Mexico, and internationally. On or about June 30, 2021, DiDi Global Inc. (NYSE: DIDI) sold about 317 million shares of stock in its initial public stock offering (the “IPO”) at $14 per share, raising nearly $4.5 billion in new capital. On July 2, 2021, the Cyberspace Administration of China stated it had launched an investigation into DiDi Global Inc. (NYSE: DIDI) to protect national security and the public interest. It also reported that it had asked DiDi Global Inc. (NYSE: DIDI) stop new user registrations during the course of the investigation. On July 4, 2021, it was reported that the Cyberspace Administration of China banned DiDi Global Inc. from app stores after saying it posed a cybersecurity risk for customers.
On July 5, 2021, The Wall Street Journal reported that the Cyberspace Administration of China had asked the Company as early as three months prior to the IPO to postpone the offering because of national security concerns and to “conduct a thorough self-examination of its network security.”
The plaintiff claims that the defendants failed to disclose to investors that DiDi’s apps did not comply with applicable laws and regulations governing privacy protection and the collection of personal information, that, as a result, the Company was reasonably likely to incur scrutiny from the Cyberspace Administration of China, that the Cyberspace Administration of China had already warned DiDi to delay its IPO to conduct a self-examination of its network security, that, as a result of the foregoing, DiDi’s apps were reasonably likely to be taken down from app stores in China, which would have an adverse effect on its financial results and operations, and that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
Those who purchased shares of DiDi Global Inc. (NYSE: DIDI) have certain options and should contact the Shareholders Foundation.
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