PDD(US:PDD) GlobeNewswire News Room·2024-10-02 17:04Core Viewpoint - PDD Holdings Inc., formerly known as Pinduoduo Inc., is facing a class action lawsuit due to allegations of issuing misleading statements and failing to disclose critical information regarding its business practices and product safety [1][2]. Allegations - The lawsuit claims that PDD's applications contained malware designed to collect 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 company is said to be exposed to increased legal and political scrutiny due to these issues, which undermines the credibility of its statements about business operations and prospects [1]. 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 time are encouraged to register for participation [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]. Law Firm Background - 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 have suffered losses due to misleading statements or omissions [3].