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Press release content from Globe Newswire. The AP news staff was not involved in its creation.

DIDI GLOBAL INC. CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces ...

July 9, 2021 GMT

NEW YORK, July 09, 2021 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that federal securities fraud class action lawsuits have been filed in the United States District Court for the Southern District of New York and the United States District Court for the Central District of California against DiDi Global Inc. (NYSE: DIDI) (“DiDi”) on behalf of those who purchased or acquired DiDi: 

  • American Depositary Receipts (“ADRs”) pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with DiDi’s June 2021 initial public offering (“IPO”); and/or

  • securities between June 30, 2021 and July 2, 2021, inclusive (the “Class Period”).

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All investors who purchased the ADRs of DiDi Global 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.

If you have incurred losses in the ADRs of DiDi Global Inc., you may, no later than September 7, 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 DiDi Global Inc.

PLEASE CLICK HERE TO JOIN CASE

On June 30, 2021, DiDi issued an IPO in the United States, in which they sold approximately 316,800,000 ADRs at a price of $14.00 per ADR.

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The Registration Statement emphasized that DiDi purportedly “follow[ed] strict procedures in collecting, transmitting, storing and using user data pursuant to [its] data security and privacy policies.” In fact, the Registration Statement claimed that DiDi “collect[s] personal information and other data from [its] users and use such data in the course of [its] operations only with their prior consent.”

The truth began to emerge on July 2, 2021 when the Cyberspace Administration of China (“CAC”) stated that it had launched an investigation into DiDi to protect national security and the public interest. Following this news, DiDi’s ADR price fell $0.87, or approximately 5.3%, to close at $15.53 per ADR on July 2, 2021.

On Sunday, July 4, 2021, DiDi reported that the CAC ordered smartphone app stores to stop offering the “DiDi Chuxing” app because it “collect[ed] personal information in violation of relevant PRC laws and regulations.” DiDi was ordered to make changes to comply with Chinese data protection rules to “ensure the safety of the personal information of users.”

On July 5, 2021, The Wall Street Journal reported that the CAC had asked DiDi as early as three months prior to the IPO to postpone the offering because of national security concerns and to “conduct a thorough self-examination of its network security.”

Following this news, DiDi’s share price fell $3.04 per ADR, or 19.6%, to close at $12.49 per ADR on July 6, 2021.

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.