The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against DiDi Global Inc. (DIDI)

LOS ANGELES, Sept. 3, 2021 – (BUSINESS WIRE) – Frank R. Cruz’s law firm is reminding investors of the upcoming September 7, 2021 deadline to file a lead plaintiff on behalf of investors, the DiDi. Global Inc. (“DiDi” or the “Company”) (NYSE: DIDI): (a) American Depositary Shares (“ADSs” or “Shares”) pursuant to and / or traceable to the Registration Statement and Prospectus (collectively the “Registration Statement”) in connection with the Company’s initial public offering in June 2021 (“IPO” or the “Offering”); and / or (b) securities between June 30, 2021 and July 2, 2021 inclusive (the “Class Period”).

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DiDi is said to be the world’s largest mobility technology platform. The company claims to be the “go-to shared mobility brand in China” and offers a range of services including ride-hailing, taxi-hailing, chauffeur-driven and hitchhiking.

On or about June 30, 2021, DiDi sold approximately 316.8 million ADSs for $ 14 per share when it went public, raising nearly $ 4.5 billion in new capital.

On July 2, 2021, the Cyberspace Administration of China (“CAC”) announced that it had opened an investigation into DiDi to protect national security and the public interest. It also reported that in the course of the investigation it had asked DiDi to stop registering new users.

Due to this news, the company’s share price fell $ 0.87, or approximately 5.3%, on an unusually high trading volume, and closed at $ 15.53 per share on July 2, 2021.

Then, on Sunday, July 4th, 2021, DiDi reported that the CAC had ordered smartphone app stores to no longer offer the “DiDi Chuxing” app because they were “collecting”[ed] personal data in violation of relevant laws and regulations of the PRC. “Although users who previously downloaded the app could still use it, DiDi stated that” disabling the app may adversely affect their revenues in China. “

The story goes on

On July 5, 2021, The Wall Street Journal reported that three months before going public, the CAC had asked the company to postpone its offering for national security reasons and “conduct a thorough self-assessment of its network security. “

As a result of this news, the company’s share price fell $ 3.04 per share, or 19.6%, to close at $ 12.49 per share on July 6, 2021 with unusually high trading volume.

At the start of this move, the company’s stock was trading at just $ 12.06 per share, down nearly 14% from its IPO price of $ 14 per share.

The registration statement was essentially false and misleading and did not contain any material adverse facts. During the class action period, defendants made materially false and / or misleading statements and failed to disclose material adverse facts about the business, operations and prospects of the company. In particular, the defendants failed to disclose to investors: (1) that the DiDi apps did not comply with applicable laws and regulations on data protection and the collection of personal data; (2) that the company was reasonably likely to have been subject to review by the Cyberspace Administration of China; (3) that the CAC had already warned DiDi to postpone its IPO in order to conduct a self-assessment of its network security; (4) that due to the foregoing, there is a reasonable probability that the DiDi apps would be removed from the app stores in China, which would adversely affect financial results and business operations; and (5) that, based on the foregoing, Defendants’ positive statements about the business, operations, and prospects of the Company were materially misleading and / or improperly based.

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If you have bought or otherwise acquired DiDi ADSs in the course of the IPO and / or securities during the class action period or are traceable to them, you can go to court no later than 7. To become a member of the class action, you do not need to take any action at this point ; You can hire a lawyer of your choice or you can take no action and remain an absent member of the class action. If you would like to learn more about this class action or have any questions about this announcement or your rights or interests in relation to the pending class action, please contact Frank R. Cruz of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars , Suite 1100, Los Angeles, California 90067, 310-914-5007, by email at [email protected] or visit our website at www.frankcruzlaw.com. For inquiries by e-mail, please include your postal address, telephone number and the number of shares purchased.

This press release may be viewed as a solicitation in some jurisdictions subject to applicable laws and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210903005002/de/

contacts

The Frank R. Cruz Law Firms, Los Angeles
Frank R. Cruz, 310-914-5007
[email protected]
www.frankcruzlaw.com

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