Glancy Prongay & Murray LLP Announces the Filing of a Securities Class Action on Behalf of Pinduoduo, Inc. Investors (PDD)

National securities law firm Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired securities of Pinduoduo, Inc. (“Pinduoduo” or the “Company”) (NASDAQ: PDD) between July 23, 2018 and August 21, 2018, inclusive (the “Class Period”). Pinduoduo investors have until October 22, 2018 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On July 31, 2018 and August 1, 2018, media outlets reported that Chinese government agencies began investigating Pinduoduo after reports that third-party vendors were selling counterfeit goods on Pinduoduo’s group-discounting website. On this news, shares of Pinduoduo fell $2.28, to close at $20.31 on August 1, 2018, thereby injuring investors.

The Complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. In the Registration Statement and Prospectus issued in connection with Pinduoduo's IPO, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Pinduoduo's controls were ineffective to present third-party vendors from selling counterfeit goods on the Company's online platform; (ii) consequently, Pinduoduo's revenues and the number of active merchants using its platform were traceable in part to unlawful conduct and thus unsustainable; and (iii) as a result, Pinduoduo's public statements were materially false and misleading at all relevant times.

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If you purchased shares of Pinduoduo during the Class Period you may move the Court no later than October 22, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20181005005493/en/