Press release
Investigation announced for Investors in shares of PDD Holdings Inc. (NASDAQ: PDD) over possible Violations of Securities Laws
An investigation for investors in PDD Holdings Inc. (NASDAQ: PDD) shares over potential securities laws violations by PDD Holdings
Investors who purchased shares of PDD Holdings Inc. (NASDAQ: PDD), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of PDD Holdings Inc. (NASDAQ: PDD) concerning whether a series of statements by PDD Holdings Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Ireland based PDD Holdings Inc., a multinational commerce group, owns and operates a portfolio of businesses. PDD Holdings Inc. reported that its annual Total Revenue rose from over 130.55 billion CNY in 2022 to over 247.63 billion CNY in 2023, and that its Net Income increased from 31.53 billion CNY in 2022 to 60.02 billion CNY in 2023.
On June 25, 2024, Arkansas Attorney General Tim Griffin announced he is suing parent companies of Temu-PDD Holdings Inc. and WhaleCo Inc. for violations of the Arkansas Deceptive Trade Practices Act ("ADTPA") and the Arkansas Personal Information Protection Act ("PIPA"). Attorney General Tim Griffin stated, "Temu is functionally malware and spyware. It is purposefully designed to gain unrestricted access to a user's phone operating system. It can override data privacy settings on users' devices, and it monetizes this unauthorized collection of data."
Shares of PDD Holdings Inc. (NASDAQ: PDD) declined from $164.69 per share on May 24, 2024, to as low as $123.01 per share on July 30, 2024.
Those who purchased shares of PDD Holdings Inc. (NASDAQ: PDD) 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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