SAN FRANCISCO, Jan. 09, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Dada Nexus Limited (NASDAQ: DADA) investors who suffered substantial losses to submit your losses now.
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Dada Nexus Limited (DADA) Investigation:
"We are investigating the propriety of Dada Nexus’ revenue recognition and other accounting practices during at least its fiscal 2023,” said Reed Kathrein, the Hagens Berman partner leading the firm’s investigation.
On Jan. 8, 2024, Dada Nexus announced that it identified “suspicious practices that may cast doubt on certain revenues from the Company’s online advertising and marketing services in 2023.” The company also said that it “currently estimates that approximately RMB500 million of revenues from online advertising and marketing services and RMB500 million of operations and support costs may have been overstated, respectively, for the first three quarters of 2023.” In addition, Dada Nexus added, “the revenue guidance previously provided by the Company for the fourth quarter and full year of 2023 should no longer be relied upon[.]”
This news drove the price of Dada Nexus shares crashing $1.445 lower (or down about 45%) on Jan. 8, 2024. The share price continued to decline on Jan. 9, 2024.
If you invested in Dada Nexus and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the Dada Nexus investigation, read more »
Whistleblowers: Persons with non-public information regarding Dada Nexus should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email DADA@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
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Contact:
Reed Kathrein, 844-916-0895
