BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Full Truck Alliance Co. Ltd. (“FTA” or the “Company”) (NYSE: YMM) securities pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s June 2021 initial public offering (“IPO” or the “Offering”). FTA investors have until September 10, 2021 to file a lead plaintiff motion.
Investors suffering losses on their FTA investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
In June 2021, FTA sold about 82.5 million American Depositary Shares (“ADSs” or “shares”) in its IPO for $19 per share, raising nearly $1.6 billion in new capital.
On July 5, 2021, FTA reported that the Company was subject to a review by the Cyberspace Administration of China (“CAC”) and that “FTA’s Yunmanman apps and Huochebang apps . . . are required to suspend new user registration in China during the review period.”
On this news, the Company’s ADS price fell $1.27 per share, or 6.67%, to close at $17.75 per share on July 6, 2021, significantly below the IPO price, thereby injuring investors.
The complaint filed in this class action alleges that the Registration Statement made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose that: (1) FTA’s apps Yunmanman and Huochebang would face an imminent cybersecurity review by the CAC; (2) the CAC would require FTA to suspend new user registration; (3) FTA needed to conduct a “comprehensive self-examination of any cybersecurity risks”; (4) FTA needed to “continue to improve its cybersecurity systems and technology capabilities”; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased FTA securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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