NEW YORK, July 12, 2024 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of PDD Holdings Inc. f/k/a Pinduoduo Inc. (“PDD” or the “Company”) (NASDAQ: PDD). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether PDD and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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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.
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CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
