Kirby McInerney LLP Announces Investigation of Shareholder Claims Against Dada Nexus Limited (DADA)

NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP is investigating potential claims against Dada Nexus Limited (“Dada” or the “Company”) (NASDAQ: DADA). The investigation concerns whether Dada and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.

On January 8, 2024, Dada disclosed that an internal audit had identified “certain suspicious practices” that “may cast doubt on certain revenues from the Company’s online advertising and marketing services in 2023.” The Company estimated that “approximately RMB500 million of revenues from online advertising and marketing services and RMB500 million of operations and support costs may have been overstated, respectively, for the first three quarters of 2023.” Additionally, the Company advised that its previously stated revenue guidance for the fourth quarter and full year of 2023 should “no longer be relied upon.” On this news, the price of Dada shares declined by $1.45 per share, or approximately 46.03%, from $3.15 per share to close at $1.70 per share on January 8, 2024.

If you purchased or otherwise acquired Dada securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at [e-mail], 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, whistleblower, and consumer 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: https://www.kmllp.com.

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