Philadelphia, Pennsylvania, Aug 31, 2021 (Newsfile Corp via COMTEX) -- Philadelphia, Pennsylvania--(Newsfile Corp. - August 31, 2021) - Berger Montague has expanded the potential Class Period encompassing its investigation into securities fraud claims against DiDi Global Inc. ("DiDi" or the "Company"). The Firm is now investigating these allegations on behalf of investors who purchased DiDi securities /zigman2/quotes/227703899/composite DIDI -0.89% between June 27, 2021 and July 21, 2021 (the "Class Period").
If you purchased DiDi securities during the Class Period and would like to learn more about Berger Montague's investigation, please contact attorneys Andrew Abramowitz at firstname.lastname@example.org or (215) 875-3015, or Michael Dell'Angelo at email@example.com or (215) 875-3080, or visit www.bergermontague.com/didi .
DiDi operates a mobility technology platform known as "the Uber of China." On or about June 30, 2021, the Company sold approximately 316 million American Depositary Shares ("ADSs") at $14.00 per share in the IPO, for proceeds of $4.3 billion. On July 2, 2021 - within days of the IPO - the Cyberspace Administration of China ("CAC") stated that it had launched an investigation into DiDi to protect national security and the public interest, and asked DiDi to stop new user registrations during the course of the investigation. On this news, the price of the Company's ADSs fell over 5% to close at $15.53 per ADS on July 2, 2021.
On July 4, 2021, DiDi reported that the CAC ordered smartphone app stores to stop offering the "DiDi Chuxing" app because it "collect[ed] personal information in violation of relevant PRC laws and regulations." DiDi stated that "the app takedown may have an adverse impact on its revenue in China."
On July 5, 2021, The Wall Street Journal reported that the CAC had asked the Company as early as three months prior to the IPO to postpone the offering due to national security concerns. On this news, DiDi's ADSs fell approximately 20%, to close at $12.49 per ADS on July 6, 2021.
Finally, on July 22, 2021 Bloomberg reported PRC regulators are considering levying fines against DiDi, suspending company operations, and possibly forcing the delisting or withdrawal of DiDi's US shares.
Whistleblowers: Anyone with non-public information regarding DiDi is encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Berger Montague , with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Andrew Abramowitz, Senior Counsel
Michael Dell'Angelo, Managing Shareholder
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