| COMPANY |
PDD Holdings Inc. f/k/a Pinduoduo Inc. |
| COURT |
United States District Court for the Eastern District of New York |
| CASE NUMBER |
24-cv-05653 |
| JUDGE |
The Hon. Pamela K. Chen |
| CLASS PERIOD |
April 30, 2021 through September 12, 2024 |
| SECURITY TYPE |
Securities |
Case Background:
This is a class action on behalf of persons or entities who purchased or otherwise acquired PDD Holdings Inc. f/k/a Pinduoduo Inc. securities from April 30, 2021 through June 25, 2024, inclusive (the “Class Period”).
The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose information relating to two main issues which materially affect its core operations. The first pertains to the company’s applications and that they contained malware which was designed to obtain user data without the user's consent, including reading private text messages. The second pertains to company’s failure to implement a system to prevent goods made by forced labor from being sold on its platform. As a result of such failure, PDD has openly sold banned products on its Temu platform.
Current Status of Case:
On October 15, 2024, Movants filed Motions to Consolidate Cases, for Appointment of Lead Plaintiff, and to Appoint Counsel. The Court entered an Order Consolidating Related Cases on October 28, 2024. On November 19, 2024, the Court granted Motion to Appoint Lead Plaintiff and Counsel. This action is ongoing.
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; 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.