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360 DIGITECH, INC. CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP reminds ...

July 22, 2021 GMT

NEW YORK, July 22, 2021 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of investors who purchased or otherwise acquired the American Depositary Receipts (“ADRs”) of 360 DigiTech, Inc. (“360 DigiTech” or the “Company”) (NASDAQ: QFIN) between April 30, 2020 and July 7, 2021, inclusive (the “Class Period”).

All investors who purchased the ADRs of 360 DigiTech, Inc. and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.

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If you have incurred losses in the ADRs of 360 DigiTech, Inc., you may, no later than September 13, 2021, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the ADRs of 360 DigiTech, Inc.

PLEASE CLICK HERE TO JOIN THE CASE

The filed complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that:

  • the Company had been collecting personal information in violation of relevant PRC laws and regulations;

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  • accordingly, 360 DigiTech was exposed to an increased risk of regulatory scrutiny and/or enforcement action; and

  • as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On July 8, 2021, Seeking Alpha reported chatter on social media that the Company’s core product offering, the 360 IOU app, has been removed from app stores.

On this news, the Company’s share price fell $7.12, or 21%, to close at $26.02 per share on July 8, 2021.

Subsequently, 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 Company spokesperson, who disclosed that the Company had “submitted a new rectification plan and stepped up the whole process.”

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com  or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.