PDD(US:PDD) GlobeNewswire News Roomยท2024-10-11 20:16Core 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 Holdings Inc. - The complaints allege that PDD misled investors by promoting its growth while hiding unsustainable factors, including unprofitable merchant policies that allowed revenue growth at the expense of vendors [2]. - Malware issues on PDD applications reportedly exploited customers and accessed sensitive user data without consent [2]. - PDD's failure to implement effective compliance systems, including preventing the sale of goods made by forced labor, is highlighted as a significant concern [2]. - The company faced undisclosed risks related to poor merchant and customer relations, leading to substantial financial repercussions, including hundreds of millions of dollars in fees returned to merchants and a slowing customer base 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, which involves directing the litigation on behalf of all class members [3]. - The lead plaintiff is typically the investor or small group of investors with the largest financial interest and who are representative of the proposed class [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: About Kessler Topaz Meltzer & Check, LLP - Kessler Topaz Meltzer & Check, LLP is known for prosecuting class actions and has a global reputation for recovering billions for victims of corporate misconduct [4]. - The firm aims to protect investors and consumers from fraud and negligence by businesses [4].