NEW YORK, NY / ACCESSWIRE / September 7, 2024 / Pomerantz LLP announces that a class action lawsuit has been filed against PDD Holdings, Inc. ("PDD" or the "Company") (NASDAQ:PDD). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether PDD and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until October 14, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired PDD securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On June 25, 2024, Arkansas Attorney General Tim Griffin announced a lawsuit against the Temu online marketplace, owned and operated by PDD, alleging violations of the Arkansas Personal Information Protection Act. Attorney General Griffin described Temu as "functionally malware and spyware . . . purposefully designed to gain unrestricted access to a user's phone operating system" in order to "monetize the unauthorized collection of data."
On this news, PDD's American depositary receipt ("ADR") price fell $8.06 per ADR, or 5.77%, over the following two trading sessions, to close at $131.94 per ADR on June 27, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
SOURCE: Pomerantz LLP
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