PDD(US:PDD) GlobeNewswire News Roomยท2024-09-19 15:49Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against PDD Holdings Inc. due to allegations of federal securities law violations, with a deadline for investors to seek lead plaintiff status by October 15, 2024 [2][3]. Group 1: Allegations Against PDD Holdings - The complaint alleges that PDD Holdings' applications contained malware designed to obtain user data without consent, including reading private text messages [3]. - It is claimed that PDD Holdings lacks a meaningful system to prevent goods made by forced labor from being sold on its platform and has sold banned products on its Temu platform [3]. - The allegations suggest that these issues have subjected PDD Holdings to increased legal and political scrutiny, rendering previous statements about its business operations materially false and misleading [3]. Group 2: Legal Actions and Market Impact - On June 25, 2024, the Arkansas Attorney General announced a lawsuit against Temu, owned by PDD, for violations of the Arkansas Personal Information Protection Act, describing it as "functionally malware and spyware" [4]. - Following the news of the lawsuit, PDD's American depositary receipt (ADR) price fell by $8.06, or 5.77%, closing at $131.94 per ADR on June 27, 2024 [5]. - The firm encourages anyone with information regarding PDD's conduct, including whistleblowers and former employees, to come forward [5].