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 Kanzhun Limited (“Kanzhun” or the “Company”) (NASDAQ: BZ) securities between June 11, 2021 and July 2, 2021, inclusive (the “Class Period”). Kanzhun investors have until September 10, 2021 to file a lead plaintiff motion.
Investors suffering losses on their Kanzhun 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 howardsmith@howardsmithlaw.com.
In June 2021, Kanzhun sold about 48 million American Depositary Shares (“ADSs” or “shares”) in its initial public offering (the “IPO”) for $19 per share, raising nearly $912 million in new capital.
On July 5, 2021, Kanzhun announced that the Company was subject to a review by the Cyberspace Administration of China and that, during the review period, Kanzhun’s “‘BOSS Zhipin’ app is required to suspend new user registration in China.”
On this news, the Company’s ADS price fell $5.79 per ADS, or 15%, to close at $30.52 per ADS on July 6, 2021, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants 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 to investors that: (1) Kanzhun would face an imminent cybersecurity review by the Cyberspace Administration of China (the CAC); (2) the CAC would require Kanzhun to suspend new user registration on its BOSS Zhipin app; (3) Kanzhun needed to conduct a comprehensive examination of cybersecurity risks; (4) Kanzhun needed to enhance its cybersecurity awareness 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 Kanzhun 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 howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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