Case Background:
This is a federal securities fraud class action lawsuit on behalf of those who purchased or otherwise acquired 360 Digi Tech, Inc. (“360 DigiTech”) securities between April 30, 2020 and July 8, 2021, inclusive (the “Class Period”).
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, 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 complaint alleges that, throughout the Class Period, 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.
Current Status of Case:
On July 26, 2022, the Court granted Defendants’ Motion to Dismiss, and closed the case on September 28, 2022. This action has concluded.
If you wish to discuss this action or have any questions, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. 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.