San Diego, California--(Newsfile Corp. - July 31, 2021) - The Kanzhun class action lawsuit charges Kanzhun Limited (NASDAQ: BZ) and certain of its top executives with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers of Kanzhun publicly traded securities between June 11, 2021 and July 2, 2021, inclusive (the "Class Period"). The Kanzhun class action lawsuit is captioned Bell v. Kanzhun Limited, No. 21-cv-13543, was commenced on July 12, 2021 in the District of New Jersey, and is assigned to Judge Kevin McNulty.
If you suffered substantial losses and wish to serve as lead plaintiff of the Kanzhunclass action lawsuit, please provide your information by clicking here. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com. Lead plaintiff motions for the Kanzhunclass action lawsuit must be filed with the court no later than September 10, 2021.
CASE ALLEGATIONS: The Kanzhun class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) Kanzhun would face an imminent cybersecurity review by the Cyberspace Administration of China ("CAC"); (ii) the CAC would require Kanzhun to suspend new user registration on its BOSS Zhipin app; (iii) Kanzhun needed to "to conduct a comprehensive examination of cybersecurity risks"; (iv) Kanzhun needed to "enhance its cybersecurity awareness and technology capabilities"; and (v) as a result, defendants' statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On July 5, 2021, Kanzhun issued a press release entitled "KANZHUN LIMITED Announces Cybersecurity Review in China" which announced in pertinent part, that "pursuant to the announcement posted by the [CAC] on July 5, 2021, [Kanzhun] is subject to cybersecurity review by the authority," "[d]uring the review period, 'BOSS Zhipin' app is required to suspend new user registration in China to facilitate the process," and Kanzhun "plans to conduct a comprehensive examination of cybersecurity risks and continue to enhance its cybersecurity awareness and technology capabilities." On this news, the price of Kanzhun's American Depository Shares fell approximately 15%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Kanzhun securities during the Class Period to seek appointment as lead plaintiff in the Kanzhun class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Kanzhun class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Kanzhun class action lawsuit. An investor's ability to share in any potential future recovery of the Kanzhun class action lawsuit is not dependent upon serving as lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP:With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions. Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever - $7.2 billion - in In re Enron Corp. Sec. Litig. The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors last year, more than double the amount recovered by any other securities plaintiffs' firm. Please visit http://www.rgrdlaw.com for more information.
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Contact:
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, San Diego, CA 92101 619-231-1058
J.C. Sanchez, 800-449-4900
jsanchez@rgrdlaw.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/91623
