LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Dingdong (Cayman) Limited (“Dingdong” or the “Company”) (NYSE: DDL) on behalf of investors concerning the Company’s possible violations of federal securities laws.
If you are a shareholder who suffered a loss, click here to participate.
In June 2021, Dingdong conducted its initial public offering (“IPO”), selling approximately 4.07 American Depository Shares (“ADS”) at $23.50 per ADS.
On March 17, 2022, Beijing News published a report stating that Chinese regulators launched a probe into Dingdong for food safety violations, alleging that the Company “replaced labels on expired vegetables and sold frozen fish products as fresh.”
On this news, Dingdong’s ADS price fell $0.46, or 10.8%, to close at $3.37 per ADS on March 17, 2022, thereby injuring investors.
Since the IPO, the Company’s ADSs have traded as low as $2.51 per share, or 89% below the IPO price.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased Dingdong securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
