Please complete this form relating to your transactions for 360 DigiTech, Inc. (NASDAQ: QFIN) securities between April 30, 2020 and July 7, 2021, both dates inclusive (the “Class Period”).
You may also contact Jon Naji, Esq. at (484) 270-1453; or you may submit your information via email at email@example.com, or you may click here to print a PDF of this form.
360 DigiTech, through its subsidiaries, operates a digital consumer finance platform under the 360 Jietiao brand in the People’s Republic of China (“PRC”). Its platform provides online consumer finance products to the borrowers funded by institutional funding partners. 360 DigiTech also provides incremental credit assessment, collection, and other services, as well as guarantee for defaulted loans. 360 DigiTech was formerly known as 360 Finance, Inc. and changed its name to 360 DigiTech, Inc. in September 2020.
The Class Period commences on April 30, 2020, when 360 DigiTech filed an Annual Report on a Form 20-F reporting its financial and operating results for the year ended December 31, 2019. In the Annual Report and throughout the Class Period, the defendants touted 360 DigiTech’s customer data protection practices and security systems that protect user information and abide by other network security requirements under such laws and regulations.
The truth was revealed on July 8, 2021, when reports circulated on social media to the effect that 360 DigiTech’s core product, the 360 IOU app, had been removed from major app stores. The reports came on the heels of the removal of other companies’ apps as Chinese regulators investigated their customer data protection practices. For example, an article published by the 21st Century Business Herald on July 8, 2021 indicated that “[t]he reason for the removal may be related to the discussion with the central bank and other financial regulators on April 29 this year about 13 Internet financial platforms and requesting rectification.”
Following this news, 360 DigiTech’s stock price fell $7.12 per share, or 21.48%, to close at $26.02 per share on July 8, 2021.
On July 9, 2021, Seeking Alpha reported that 360 DigiTech confirmed the removal of its 360 IOU app from the Android app store and quoted a 360 DigiTech spokesperson, who disclosed that 360 DigiTech had “submitted a new rectification plan and stepped up the whole process.”
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) 360 DigiTech had been collecting personal information in violation of relevant PRC laws and regulations; (2) accordingly, 360 DigiTech was exposed to an increased risk of regulatory scrutiny and/or enforcement action; and (3) as a result, 360 DigiTech’s public statements were materially false and misleading at all relevant times.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at firstname.lastname@example.org. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.