The Rosen Law Firm, P.A., Robbins Geller Rudman & Dowd LLP, and Scott+Scott Attorneys at Law LLP Announce Proposed Class Action Settlement in the PPDAI Group Inc. Securities Litigation
NEW YORK, Sept. 13, 2021 /PRNewswire/ --
UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF NEW YORK
IN RE PPDAI GROUP INC. SECURITIES LITIGATION
Hon. LaShann DeArcy Hall
Hon. Taryn A. Merkl
SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF NEW YORK: COMMERCIAL DIVISION
IN RE PPDAI GROUP SECURITIES LITIGATION
This Document Relates To:
Index No: 654482/2018
Hon. Andrea Masley J.S.C.
SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION
TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED PPDAI GROUP INC. (“PPDAI” OR THE “COMPANY”) AMERICAN DEPOSITORY SHARES (“ADSS”) FROM NOVEMBER 10, 2017 THROUGH MAY 9, 2018, INCLUSIVELY, INCLUDING THOSE PERSONS THAT PURCHASED OR OTHERWISE ACQUIRED PPDAI ADSS PURSUANT OR TRACEABLE TO PPDAI’S REGISTRATION STATEMENTS AND PROSPECTUS FOR PPDAI’S NOVEMBER 10, 2017 INITIAL PUBLIC OFFERING (“IPO”).
THIS NOTICE WAS AUTHORIZED BY THE COURT. IT IS NOT A LAWYER SOLICITATION. PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.
YOU ARE HEREBY NOTIFIED that a hearing will be held on December 16, 2021, at 10:00 a.m., before the Honorable LaShann DeArcy Hall at the U.S. District Court for the Eastern District of New York, 225 Cadman Plaza East, Courtroom 4H North, Brooklyn, NY 11201, to determine whether: (1) the proposed settlement (the “Settlement”) of the above-captioned action (the “Action”) as well as the action pending in the Supreme Court of the State of New York, County of New York, styled as In re PPDAI Group Securities Litigation, Index No. 654482/2018 (the “State Court Action”) as set forth in the Stipulation of Settlement (“Stipulation”)1 for $9,000,000 in cash should be approved by the Court as fair, reasonable and adequate; (2) the Judgment as provided under the Stipulation should be entered; (3) to award Plaintiffs’ Counsel attorneys’ fees and expenses out of the Settlement Fund (as defined in the Notice of Pendency and Proposed Settlement of Class Action (“Notice”), which is discussed below), and, if so, in what amount; (4) to award Plaintiffs for representing the Settlement Class out of the Settlement Fund and, if so, in what amount; and (5) the Plan of Allocation should be approved by the Court as fair, reasonable and adequate.2
This Action and the State Court Action are securities class actions brought on behalf of those persons who purchased or acquired PPDAI ADSs during the Settlement Class Period, against PPDAI, certain of its officers, directors, and underwriters of PPDAI’s IPO (collectively, “Defendants”) for, among other things, allegedly misstating and omitting material facts from the Registration Statement and Prospectus filed with the U.S. Securities and Exchange Commission in connection with the IPO. Plaintiffs allege that these purportedly false and misleading statements inflated the price of the Company’s ADSs, resulting in damage to Settlement Class Members when the truth was revealed. Defendants deny all of Plaintiffs’ allegations.
IF YOU PURCHASED OR ACQUIRED PPDAI ADSs BETWEEN November 10, 2017 THROUGH AND INCLUDING May 9, 2018, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS ACTION AND THE STATE COURT ACTION.
To share in the distribution of the Settlement Fund, you must establish your rights by submitting a Proof of Claim and Release Form (“Proof of Claim”) by mail (postmarked no later than December 2, 2021) or electronically (no later than December 2, 2021). Your failure to submit your Proof of Claim by December 2, 2021, will subject your claim to rejection and preclude your receiving any of the recovery in connection with the Settlement of this Action and the State Court Action. If you are a member of the Settlement Class and do not request exclusion therefrom, you will be bound by the Settlement and any judgment and release entered in the Action and the State Court Action, including, but not limited to, the Judgment, whether or not you submit a Proof of Claim.
If you have not received a copy of the Notice, which more completely describes the Settlement and your rights thereunder (including your right to object to the Settlement), and a Proof of Claim, you may obtain these documents, as well as a copy of the Stipulation (which, among other things, contains definitions for the defined terms used in this Summary Notice) and other Settlement documents, online at www.PPDAISecuritiesSettlement.com, or by writing to:
PPDAI Group Inc. Securities Litigation Settlement
c/o A.B. Data, Ltd.
P.O. Box 173003
Milwaukee, WI 53217
Inquiries should NOT be directed to Defendants, the Court, or the Clerk of the Court.
Inquiries, other than requests for the Notice or for a Proof of Claim, may be made to Plaintiffs’ Counsel:
Laurence Rosen, Esq.
THE ROSEN LAW FIRM, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Telephone: (212) 686-1060
Federal Court Lead Counsel
Ellen Gusikoff Stewart, Esq.
ROBBINS GELLER RUDMAN & DOWD LLP
655 West Broadway, Suite 1900
San Diego, CA 92101
Max Schwartz, Esq.
SCOTT+SCOTT, ATTORNEYS AT LAW LLP
The Helmsley Building
230 Park Avenue, 17th Floor
New York, NY 10169
Telephone: (212) 223-6444
State Court Lead Counsel
IF YOU DESIRE TO BE EXCLUDED FROM THE SETTLEMENT CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION SUCH THAT IT IS POSTMARKED BY NOVEMBER 2, 2021, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE. ALL MEMBERS OF THE SETTLEMENT CLASS WHO HAVE NOT REQUESTED EXCLUSION FROM THE SETTLEMENT CLASS WILL BE BOUND BY THE SETTLEMENT EVEN IF THEY DO NOT SUBMIT A TIMELY PROOF OF CLAIM.
IF YOU ARE A SETTLEMENT CLASS MEMBER, YOU HAVE THE RIGHT TO OBJECT TO THE SETTLEMENT, THE PLAN OF ALLOCATION, THE REQUEST BY PLAINTIFFS’ COUNSEL FOR AN AWARD OF ATTORNEYS’ FEES AND EXPENSES, AND/OR THE AWARDS TO PLAINTIFFS FOR REPRESENTING THE SETTLEMENT CLASS. ANY OBJECTIONS MUST BE FILED WITH THE COURT AND SENT TO ONE OF PLAINTIFFS’ COUNSEL AND ONE OF DEFENDANTS’ COUNSEL BY NOVEMBER 2, 2021, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.
DATED: September 13, 2021
BY ORDER OF THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF NEW YORK
1 The Stipulation can be viewed and/or obtained at www.PPDAISecuritiesSettlement.com.
2 In light of the COVID-19 pandemic, the Court may decide to conduct the Settlement Fairness Hearing by video or telephone conference, or otherwise allow Settlement Class Members to appear at the hearing by phone. No further notice of such decision will be provided to the Settlement Class. In order to determine whether the date and time of the Settlement Fairness Hearing have changed, or whether Settlement Class Members must or may participate by phone or video, it is important that you monitor the Settlement website, www.PPDAISecuritiesSettlement.com, before making any plans to attend the Settlement Fairness Hearing. Any updates and information for accessing a telephonic or video Settlement Fairness Hearing will be posted to the Settlement website, www.PPDAISecuritiesSettlement.com.
The Rosen Law Firm, P.A.;
Robbins Geller Rudman & Dowd LLP;
Scott+Scott Attorney’s at Law LLP
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SOURCE The Rosen Law Firm, P.A., Robbins Geller Rudman & Dowd LLP, Scott+Scott, Attorneys At Law LLP