Portnoy Law: Lawsuit Filed On Behalf of Full Truck Alliance Co. Ltd. Investors
to join the case
LOS ANGELES, July 13, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Full Truck Alliance Co. Ltd. (“FTA” or “the Company”) (NYSE : YMM) investors that acquired securities in connection with FTA’s June 2021 initial public offering.
On or about June 22, 2021, FTA sold about 82.5 million American Depositary Shares in relation to its initial public offering at $19 per share, raising nearly $1.6 billion in new capital in the process. FTA reported on July 5, 2021 that the Company was subject to a review by the Cyberspace Administration of China and that “FTA’s Yunmanman apps and Huochebang apps . . . are required to suspend new user registration in China during the review period.” During intraday trading on July 6, 2021, FTA’s ADS price fell as much as $3.27 per share, or 17.19%, on this news, to as low as $15.75 per share, which is below the IPO price, thereby injuring investors further.
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The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.