LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz reminds investors of the upcoming September 13, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased 360 DigiTech, Inc. (“360 DigiTech” or the “Company”) (NASDAQ: QFIN) securities between April 30, 2020 and July 7, 2021, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
On July 8, 2021, Seeking Alpha reported chatter on social media that the Company's core product offering, the 360 IOU app, has been removed from app stores.
On this news, the Company’s share price fell $7.12, or 21%, to close at $26.02 per share on July 8, 2021.
Then, on July 9, 2021, Seeking Alpha reported that 360 DigiTech confirmed the removal of its 360 IOU app from the Android app store and quoted a Company spokesperson, who disclosed that the Company had "submitted a new rectification plan and stepped up the whole process."
The complaint filed 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) the Company had been collecting personal information in violation of relevant PRC laws and regulations; (2) accordingly, 360 DigiTech was exposed to an increased risk of regulatory scrutiny and/or enforcement action; and (3) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired 360 DigiTech securities during the Class Period, you may move the Court no later than September 13, 2021 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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