Glancy Prongay & Murray LLP Reminds Investors of the Deadline in the Class Action Lawsuit Against Pinduoduo, Inc.
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 Pinduoduo’s 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 shareholders@glancylaw.com, 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.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com
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