NEW YORK, Jan. 09, 2024 (GLOBE NEWSWIRE) -- Wolf Popper LLP is investigating potential securities fraud claims on behalf of purchasers of Dada Nexus Limited (“Dada”) American Depositary Shares (NASDAQ: DADA).
Before the market opened on January 8, 2024, Dada disclosed it found “suspicious practices” and its revenues from online advertising and marketing services and operations and support costs were overstated by approximately $47 million over the first three quarters of 2023. Furthermore, Dada told investors to no longer rely on the company’s prior fourth quarter revenue guidance. On this news, Dada’s ADS price collapsed $1.45 per ADS to $1.71, a drop of 45.9% on very heavy volume.
Investors who lost over $25,000 trading in Dada’s ADS and who would like to discuss the investigation should contact Adam Savett at (212) 451-9655, or asavett@wolfpopper.com.
Wolf Popper has successfully recovered billions of dollars for defrauded investors. Wolf Popper’s reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation. For more information about Wolf Popper, please visit the Firm’s website at www.wolfpopper.com.
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Wolf Popper LLP
Adam Savett
845 Third Avenue
New York, NY 10022
Tel.: (212) 451-9655
Email: asavett@wolfpopper.com
