NEW YORK--(BUSINESS WIRE)--Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against D-MARKET Electronic Services & Trading (“D-MARKET” or the “Company”) (NASDAQ: HEPS) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired D-MARKET ADRs pursuant or traceable to the Company's July 1, 2021 initial public stock offering (the "IPO"). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/heps.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1933.
The Complaint alleges that the Registration Statement and Prospectus for the IPO (collectively, the "Registration Statement") were materially false and misleading because they failed to disclose the following adverse facts that existed at the time of the IPO: (1) That D-Market had suffered a sharp deceleration in operational and sales growth as consumers retreated from e-commerce offerings in 2Q21; (2) That D-Market's revenue growth had decreased to just 5% year-over-year growth in 2Q21, over 90% below the most recent growth rate highlighted in the Registration Statement; (3) That D-Market's GMV growth had decreased to just 38% year-over-year growth in 2Q21, less than half the most recent growth rate highlighted in the Registration Statement; and (4) that as a result of the foregoing, at the time of the IPO, the Company's business and financial prospects were not as strong as represented in the IPO Registration Statement.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/heps or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in D-MARKET, you can request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.