(i) Pinduoduo’s controls were ineffective to prevent third-party vendors from selling counterfeit goods on the Company’s online platform; (ii) consequently, Pinduoduo’s revenues and the number of active merchants using its platform were traceable in part to unlawful conduct and thus unsustainable; and (iii) as a result, Pinduoduo’s public statements were materially false and misleading at all relevant times.
Eligibility
In order to be eligible to join the PDD class action lawsuit, you must have incurred a loss on shares of purchased during the class period listed above.
Lead Plaintiff Deadline
If you suffered a loss in during the relevant time frame or pursuant to the relevant offering(s), you have until October 22, 2018 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.
Pinduoduo Inc. Class Action Lawsuit Details
Levi & Korsinsky announces the commencement of a securities action in the USDC for the Southern District of New York on behalf of shareholders who purchased shares of Pinduoduo Inc. (NASDAQ: PDD) pursuant and/or traceable to the Company's July 26, 2018 initial public offering and/or between July 26, 2018 and July 31, 2018.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and failed to disclose that: (i) Pinduoduo’s controls were ineffective to prevent third-party vendors from selling counterfeit goods on the Company’s online platform; (ii) consequently, Pinduoduo’s revenues and the number of active merchants using its platform were traceable in part to unlawful conduct and thus unsustainable; and (iii) as a result, Pinduoduo’s public statements were materially false and misleading at all relevant times.
If you suffered a loss in Pinduoduo you have until October 22, 2018 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.
