Deadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Full Truck Alliance Co. Ltd. (YMM)
Sep 23, 2021 12:41 PM ET
Legal Newswire POWERED BY LAW.COM
Law Offices of Howard G. Smith reminds investors of the upcoming September 10, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Full Truck Alliance Co. Ltd. securities pursuant and/or traceable to the registration statement and prospectus (collectively, the "Registration Statement") issued in connection with the Company's June 2021 initial public offering ("IPO" or the "Offering").
Investors suffering losses on their FTA investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected]
In June 2021, FTA sold about 82.5 million American Depositary Shares ("ADSs" or "shares") in its IPO for $19 per share, raising nearly $1.6 billion in new capital.
On July 5, 2021, FTA reported that the Company was subject to a review by the Cyberspace Administration of China ("CAC") and that "FTA's Yunmanman apps and Huochebang apps . . . are required to suspend new user registration in China during the review period."
On this news, the Company's ADS price fell $1.27 per share, or 6.67%, to close at $17.75 per share on July 6, 2021, significantly below the IPO price, thereby injuring investors.
The complaint filed in this class action alleges that the Registration Statement made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose that: (1) FTA's apps Yunmanman and Huochebang would face an imminent cybersecurity review by the CAC; (2) the CAC would require FTA to suspend new user registration; (3) FTA needed to conduct a "comprehensive self-examination of any cybersecurity risks"; (4) FTA needed to "continue to improve its cybersecurity systems and technology capabilities"; and (5) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired FTA securities pursuant and/or traceable to the IPO, you may move the Court no later than September 10, 2021 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
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