SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of PDD Holdings Inc. f/k/a Pinduoduo Inc. - PDD
GlobeNewsWire
Sunday, May 28, 2023 at 4:56am UTC
NEW YORK, May 28, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of PDD Holdings Inc. f/k/a Pinduoduo Inc. (“PDD” or the “Company”) (NASDAQ: PDD).  Such investors are advised to contact Robert S. Willoughby at  newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether PDD and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.Â
On March 21, 2023, CNN published an article entitled “Google suspends Chinese shopping app Pinduoduo over malware.”  The CNN report stated that “Google has suspended Pinduoduo, a popular Chinese budget shopping app, from its Play Store after finding malware in versions of the app.  In a Tuesday statement, Google said versions of the app that are not in the Play Store have been found to contain malware.”Â
On this news, PDD’s stock price fell $3.35 per share, or 4.24%, to close at $2.01 per share on March 22, 2023.Â
Then, on April 3, 2023, CNN published an article entitled “’I've never seen anything like this:’ One of China's most popular apps has the ability to spy on its users, say experts.”  Citing “a detailed investigation,” the article reported that “[m]ultiple experts identified the presence of malware on the Pinduoduo app that exploited vulnerabilities in Android operating systems.  Company insiders said the exploits were utilized to spy on users and competitors, allegedly to boost sales.”Â
On this news, PDD’s stock price fell $1.64 per share, or 2.19%, to close at $73.20 per share on April 4, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
