360 DIGITECH, INC. SHAREHOLDERS HAVE AN OPPORTUNITY TO RECOVER THEIR INVESTMENT LOSSES
360 DigiTech, Inc.
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of those who purchased or acquired the securities of 360 DigiTech, Inc. (“360 DigiTech” or the “Company”) (NASDAQ: QFIN) between April 30, 2020 and July 7, 2021 (the “Class Period”). The lawsuit seeks to recover 360 DigiTech shareholders’ investment losses.
If you purchased shares of 360 DigiTech between April 30, 2020 and July 7, 2021 and would like to discuss your legal rights and/or options, please click “Join Class Action” above.
New York, New York — Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of 360 DigiTech, Inc. (“360 DigiTech” or the “Company”) (NASDAQ: QFIN) from April 30, 2020 through July 7, 2021 (the “Class Period”). The lawsuit filed in the United States District Court for the Southern District of New York alleges violations of the Exchange Act of 1934.
The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company had been collecting personal information in violation of relevant People’s Republic of China (“PRC”) laws and regulations; (ii) accordingly, 360 DigiTech was exposed to an increased risk of regulatory scrutiny and/or enforcement action; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On July 8, 2021, reports circulated on social media to the effect that the Company’s core product, the 360 IOU app, had been removed from major app stores. The reports came on the heels of the removal of other companies’ apps as Chinese regulators investigated their customer data protection practices.
On this news, 360 DigiTech’s stock price fell $7.12 per share, or 21.48%, to close at $26.02 per share on July 8, 2021.
If you wish to serve as lead plaintiff, you must move the Court no later than September 13, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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