NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announced today that a class action lawsuit has been filed in the U.S. Southern District of New York against Pinduoduo, Inc. (“Pinduoduo” or “Company”) (NASDAQ: PDD) seeking recovery of damages for alleged violations of the federal securities laws. Investors have until October 22, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that on July 31, 2018 and August 1, 2018, multiple media outlets reported that China’s State Administration for Market Regulation was investigating Pinduoduo due to reports of third-party vendors selling counterfeit goods on the platform, a group-discounting website. On this news, shares declined from $22.59 on July 31, 2018 to $20.31 (a decline of $2.28).
If you purchased or otherwise acquired Pinduoduo securities during the period from July 26, 2018 through and including August 21, 2018, have information, or would like to learn more about this lawsuit or about claims that you may have, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at telrod@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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