NEW ORLEANS--(BUSINESS WIRE)--Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until September 7, 2021 to file lead plaintiff applications in securities class action lawsuits against DiDi Global Inc. (“DiDi” or the “Company”) (NYSE: DIDI), if they purchased the Company’s securities between June 30, 2021 and July 2, 2021, inclusive (the “Class Period”) and/or pursuant to the Company’s June 2021 initial public offering. These actions are pending in the United States District Courts for the Central District of California and Southern District of New York.
What You May Do
If you purchased securities of DiDi and would like to discuss your legal rights and how these cases might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nyse-didi/ to learn more. If you wish to serve as a lead plaintiff in the class actions, you must petition the Court by September 7, 2021.
About the Lawsuits
DiDi and certain of its executives are charged with failing to disclose material information during the Class Period and/or in the Registration Statement and Prospectus issued in conjunction with the initial public offering, violating federal securities laws.
On July 2, 2021, the Cyberspace Administration of China (“CAC”) stated that it had launched a cybersecurity investigation into the Company to protect against potential risks to national security and the public interest, also requiring the Company to halt new user registrations during the review period. On this news, the Company’s share price fell $0.87, or approximately 5.3%, to close at $15.53 per share on July 2, 2021, on unusually heavy trading volume.
Then, on July 4, 2021, the Company disclosed that the CAC had ordered the removal of its smartphone app from online app stores because it “had the problem of collecting personal information in violation of relevant PRC laws and regulations,” and that the takedown “may have an adverse impact on its revenue in China.” Then, on July 5, 2021, The Wall Street Journal reported that the CAC had requested that the Company delay its initial public offering and urged it to review its network security weeks before its IPO.
On this news, the Company’s stock price fell $3.04 per share, or 19.6%, to close at $12.49 per share on July 6, 2021, on unusually heavy trading volume.
The cases, filed on the same day, are Espinal v. DiDi Global Inc., et al., 21-cv-05807 (S.D.N.Y.) and Franklin v. DiDi Global Inc., et al., 21-cv-5486 (C.D.C.A.)
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
