Lawsuit Notice: Investors who lost money with shares of PDD Holdings Inc. (NASDAQ: PDD) should contact the Shareholders Foundation

An investor, who purchased shares of PDD Holdings Inc. (NASDAQ: PDD), filed a lawsuit over alleged violations of Federal Securities Laws by PDD Holdings Inc.

Investors who purchased shares of PDD Holdings Inc. (NASDAQ: PDD) have certain options and for certain investors are short and strict deadlines running. Deadline: October 15, 2024. NASDAQ: PDD investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Ireland based PDD Holdings Inc. f/k/a Pinduoduo Inc., a multinational commerce group, owns and operates a portfolio of businesses. Ireland based PDD Holdings Inc., a multinational commerce group, owns and operates a portfolio of businesses.
On March 21, 2023, CNN published an article entitled "Google suspends Chinese shopping app Pinduoduo over malware." The CNN report stated "Google has suspended Pinduoduo, a popular Chinese budget shopping app, from its Play Store after finding malware in versions of the app. In a Tuesday statement, Google said versions of the app that are not in the Play Store have been found to contain malware."

Then on April 3, 2023, CNN published an article entitled "'I've never seen anything like this:' One of China's most popular apps has the ability to spy on its users, say experts." The article stated, "[i]n a detailed investigation, CNN spoke to half a dozen cybersecurity teams from Asia, Europe and the United States - as well as multiple former and current Pinduoduo employees - after receiving a tipoff. Multiple experts identified the presence of malware on the Pinduoduo app that exploited vulnerabilities in Android operating systems. Company insiders said the exploits were utilized to spy on users and competitors, allegedly to boost sales."

On Sunday April 2, 2023, CNN published an article indicating that the Pinduoduo app "can also bypass users' cell phone security to monitor activities on other apps, check notifications, read private messages and change settings." According to CNN, Pinduoduo's conduct "is highly unusual, and it is pretty damning for Pinduoduo."

Additionally, on June 22, 2023, The New York Times published an article titled "Congress Spotlights 'Serious' Forced Labor Concerns With Chinese Shopping Sites." The article stated that "[l]awmakers are flagging what they say are likely significant violations of U.S. Law by Temu, a popular Chinese shopping platform, accusing it of providing an unchecked channel that allows goods made with forced labor to flow into the United States." The following day, on June 23, 2023, Business Insider published an article based on Congress's investigation titled "Temu reportedly relies on customers and suppliers to report if goods from the site were produced by forced labor."

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.

The plaintiff claims that between April 30, 2021 and June 25, 2024 the defendants made false and/or misleading statements and/or failed to disclose, among other things, that PDD Holdings' applications contained malware, which was designed to obtain user data without the user's consent, including reading private text messages, that PDD Holdings has no meaningful system to prevent goods made by forced labor from being sold on its platform, and has openly sold banned products on its Temu platform, that the foregoing subjected PDD Holdings to a heightened risk of legal and political scrutiny, and that 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.

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

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.

This release was published on openPR.