PDD(US:PDD) Prnewswireยท2024-10-05 16:45Core Viewpoint - Securities class action lawsuits have been filed against PDD Holdings Inc. for allegedly misleading investors about its growth and concealing significant risks to its business during the Class Period from April 30, 2021, to September 12, 2024 [1][2]. Group 1: Allegations Against PDD - Defendants are accused of promoting PDD's growth while hiding unsustainable factors, including unprofitable merchant policies that benefited PDD's revenue but harmed vendors [2]. - Allegations include malware issues on PDD applications that compromised customer data without consent, including sensitive information [2]. - PDD reportedly failed to implement effective compliance systems to prevent the sale of goods made by forced labor on its platform [2]. - The company faced undisclosed risks related to poor merchant and customer relations, leading to significant financial repercussions, including hundreds of millions of dollars in fees returned to merchants and a slowdown in customer growth [2]. Group 2: Lead Plaintiff Process - Investors in PDD have until October 15, 2024, to seek appointment as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel [3]. - A lead plaintiff acts on behalf of all class members and is typically the investor or group of investors with the largest financial interest [3]. - The decision to serve as a lead plaintiff does not affect an investor's ability to share in any recovery from the lawsuit [3]. Group 3: Firm Information - Kessler Topaz Meltzer & Check, LLP is known for prosecuting class actions and has a reputation for recovering billions for victims of corporate misconduct [5]. - The firm encourages PDD investors who have suffered losses to contact them for more information [4].