Press release
Lawsuit filed for Investors in shares of Full Truck Alliance Co. Ltd. (NYSE: YMM)
A lawsuit was filed on behalf of investors in Full Truck Alliance Co. Ltd. (NYSE: YMM) shares.
Investors who purchased shares of Full Truck Alliance Co. Ltd. (NYSE: YMM) have certain options and for certain investors are short and strict deadlines running. Deadline: September 10, 2021. NYSE: YMM investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
China based Full Truck Alliance Co. Ltd., together with its subsidiaries, operates a digital freight platform that connects shippers with truckers to facilitate shipments across distance ranges, cargo weights, and types in the People's Republic of China.
On or about June 22, 2021, Full Truck Alliance Co. Ltd. (NYSE: YMM) conducted its initial public offering (“IPO”), selling approximately 82.5 million American Depositary Shares (“ADSs”) priced at $19.00 per share.
Then, on July 5, 2021, Full Truck Alliance Co. Ltd. issued a press release entitled “Full Truck Alliance Announces Cybersecurity Review in China”, announcing that ‘pursuant to an announcement issued by the Cybersecurity Review Office (‘CRO’) of the Cyberspace Administration of China on July 5, 2021, CRO has initiated a cybersecurity review of FTA’s Yunmanman apps and Huochebang apps.” The press release further revealed that “[i]n order to facilitate the review and prevent the expansion of potential risks, these mobile apps are required to suspend new user registration in China during the review period.”
Shares of Full Truck Alliance Co. Ltd. (NYSE: YMM) declined to as low as $14.91 per share on July 8, 2021.
The plaintiff claims that Registration Statement that was in fled in connection with Full Truck Alliance Co. Ltd’s June 2021 IPO featured false and/or misleading statements and/or failed to disclose that Full Truck Alliance Co. Ltd’s apps Yunmanman and Huochebang would face an imminent cybersecurity review by the Cyberspace Administration of China, that the Cyberspace Administration of China would require Full Truck Alliance Co. Ltd. to suspend new user registration, that Full Truck Alliance Co. Ltd. needed to conduct a “comprehensive self-examination of any cybersecurity risks”, that Full Truck Alliance Co. Ltd. needed to “continue to improve its cybersecurity systems and technology capabilities”, and that as a result, defendants’ public statements were materially false and misleading at all relevant times and negligently prepared.
Those who purchased shares of Full Truck Alliance Co. Ltd. (NYSE: YMM) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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