NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, provides this update about the securities class action it filed on behalf of shareholders of DiDi Global Inc. (NYSE: DIDI) alleging that DiDi went forward with its initial public offering (“IPO”) even though Chinese regulators had warned DiDi to delay its IPO and address its regulatory concerns surrounding customer data protection. As a result, soon after DiDi’s IPO, China banned DiDi’s app from the country’s app stores causing its share price to decline.
WHAT JUST HAPPENED: On July 22, 2021, before markets opened, Bloomberg reported that Chinese regulators were considering “serious, perhaps unprecedented, penalties for Didi Global Inc. after its controversial initial public offering last month[.]” Regulators are weighing a variety of potential punishments, including, “a fine, suspension of certain operations or [. . .] a forced delisting or withdrawal of Didi’s U.S. shares[.]”
On this news, DiDi’s shares fell another $1.30/share, or over 11%, to close at $10.20 on July 22, 2021.
According to Bloomberg, Chinese regulators are likely to impose harsher sanctions than it did on Alibaba Group, which was fined a record $2.8 billion. The Rosen Law Firm recovered a record $250 million for Alibaba investors in that securities class action also arising from its IPO.
This news provides additional evidence in support of the securities claims the Rosen Law Firm is pressing on behalf of DiDi investors.
WHAT TO DO NEXT: To join the prospective class action, go to http://www.rosenlegal.com/cases-register-2113.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
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