PDD(US:PDD) GlobeNewswire News Roomยท2024-09-18 17:37Core Viewpoint - PDD Holdings Inc. is facing a class action lawsuit due to allegations of issuing misleading statements and failing to disclose critical issues related to user data privacy and labor practices [1][2]. Group 1: Allegations - The lawsuit claims that PDD's applications contained malware designed to obtain user data without consent, including access to private text messages [1]. - It is alleged that PDD lacks a meaningful system to prevent the sale of goods made by forced labor on its platform and has sold banned products on its Temu platform [1]. - The aforementioned issues have subjected the company to increased legal and political scrutiny, rendering previous statements about its business operations misleading [1]. Group 2: Class Action Details - The class period for the lawsuit is defined as April 30, 2021, to June 25, 2024, and shareholders who purchased shares during this timeframe are encouraged to register [1][2]. - The deadline for shareholders to seek lead plaintiff status is October 15, 2024, and there is no cost or obligation to participate in the case [2]. Group 3: Law Firm Information - The Gross Law Firm is a nationally recognized class action law firm dedicated to protecting investors' rights against deceit and illegal business practices [3]. - The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors who suffered losses due to misleading statements [3].