Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against D-MARKET Electronic Services & Trading d/b/a/ Hepsiburada (HEPS)
LOS ANGELES--(BUSINESS WIRE)--Nov 1, 2021--
Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming December 20, 2021 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired D-MARKET Electronic Services & Trading d/b/a/ Hepsiburada (“Hepsiburada” or the “Company”) (NASDAQ: HEPS ) American Depositary Receipts (“ADRs” or “shares”) pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s July 2021 initial public offering (“IPO” or the “Offering”). Plaintiff pursues claims under Sections 11 and 15 of the Securities Act of 1933 (the “Securities Act”).
If you suffered a loss on your Hepsiburada investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/d-market-electronic-services-trading-dba-hepsiburada/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at firstname.lastname@example.org to learn more about your rights.
On or about July 1, 2021, Hepsiburada completed its IPO, selling approximately 62 million shares for $12.00 per share.
On August 26, 2021, Hepsiburada announced its second quarter 2021 financial results—the quarter which had ended before the IPO closed—and reported that revenue grew 5.2%, reflecting “the shift in GMV mix in favor of Marketplace.” The Company also reported that EBITDA was “negative TRY 188.6 million in Q2 2021 compared to positive TRY 71.1 million in Q2 2020 . . . due to lower gross contribution driven primarily by investments to fortify our position in electronics, investments to penetrate in high frequency categories as well as higher customer demand for low margin products.”
On this news, the Company’s share price fell $3.05, or 25%, to close at $8.97 per share on August 26, 2021, on unusually heavy trading volume.
By the commencement of this action, the Company’s shares were trading as low as $5.30, a nearly 56% decline from the $12.00 per share IPO price.
The complaint in the action alleges that the Registration Statement was materially false and misleading and omitted to state: (1) that Hepsiburada suffered a sharp deceleration in operational and sales growth during second quarter 2021; (2) that, as a result, the Company initiated certain actions to fortify its competitive position, including investing in electronics and high frequency categories and discounting certain categories; (3) that, as a result of the foregoing, Hepsiburada’s revenue and GMV had declined during second quarter 2021; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
If you purchased or otherwise acquired Hepsiburada shares pursuant and/or traceable to the IPO, you may move the Court no later than December 20, 2021 to request appointment as lead plaintiff in this putative class action lawsuit. 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 the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20211101005209/en/
CONTACT: Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES
SOURCE: Glancy Prongay & Murray LLP
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PUB: 11/01/2021 12:00 PM/DISC: 11/01/2021 12:02 PM