NEW YORK--(BUSINESS WIRE)--Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Dingdong (Cayman) LTD (“Dingdong” or “the Company”) (NYSE: DDL) and its U.S. representatives, certain Dingdong directors and officers and the underwriters of the Dingdong’s June 2021 initial public offering (“IPO”), on behalf of all persons and entities that purchased, or otherwise acquired Dingdong American Depository Shares (“ADS”) pursuant and/or traceable to the Company’s IPO on or about June 28, 2021. Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/ddl.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws.
The Complaint alleges that the Registration Statement and Prospectus used to effectuate the Company's IPO misstated and/or omitted facts concerning the Company's so-called commitment to ensuring the safety and quality of the food it distributes to the market. Despite claiming that it applies "stringent quality control across [its] entire supply chain to ensure product quality to [its] users," the Company sold food past its sell-by date. Consequently, the Company was, in fact, no better at providing or assuring access to "fresh" groceries than the supermarkets, traditional Chinese wet markets, or traditional e-commerce platforms it repeatedly claimed to be displacing. Moreover, the foregoing conduct subjected the Company to an increased risk of regulatory and/or governmental scrutiny and enforcement, all of which, once revealed, were likely to (and did) negatively impact the Company's business, operations, and reputation.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm’s site: www.bgandg.com/ddl, or you may contact Peretz Bronstein, Esq. or his Law Clerk and Client Relations Manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Dingdong, you have until October 24, 2022, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC represents investors in securities fraud class actions and shareholder derivative suits. The firm has recovered hundreds of millions of dollars for investors nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.
