LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Pinduoduo Inc. (“Pinduoduo” or “the Company”) (NASDAQ: PDD) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. The media is reporting that China’s Statement Administration for Market Regulation ordered Shanghai’s Industry and Commerce Bureau to undertake an investigation of Pinduoduo based on reports of third-party vendors using the Company’s platform to sell counterfeit goods. Pinduoduo’s share price fell significantly on August 1, 2018, based on this news.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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