FULL TRUCK ALLIANCE CO. LTD. SHAREHOLDERS HAVE AN OPPORTUNITY TO RECOVER THEIR INVESTMENT LOSSES
Full Truck Alliance Co. Ltd.
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of those who purchased or acquired the securities of Full Truck Alliance Co. Ltd. (“FTA” or the “Company”) (NYSE: YMM) between June 23, 2021 and July 5, 2021 (the “Class Period”). The lawsuit seeks to recover FTA shareholders’ investment losses.
If you purchased shares of FTA between June 23, 2021 and July 5, 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 Full Truck Alliance Co. Ltd. (“FTA” or the “Company”) (NYSE: YMM) from June 23, 2021 through July 5, 2021 (the “Class Period”). The lawsuit filed in the United States District Court for the Eastern District of New York alleges violations of the Securities Act of 1933.
The complaint alleges that the statements made in the Company’s June 23, 2021 registration statement (the “Registration Statement”) were materially false and/or misleading because they misrepresented and failed to disclose the following adverse facts pertaining to the Company’s business, operational and financial results, which were known to defendants or recklessly disregarded by them. Specifically, the Registration Statement contained false and/or misleading statements and/or failed to disclose that: (i) FTA’s apps Yunmanman and Huochebang would face an imminent cybersecurity review by the Cyberspace Administration of China (the “CAC”); (ii) the CAC would require FTA to suspend new user registration; (iii) FTA needed to conduct a “comprehensive self-examination of any cybersecurity risks”; (iv) FTA needed to “continue to improve its cybersecurity systems and technology capabilities”; and (v) as a result, Defendants’ public statements were materially false and misleading at all relevant times and negligently prepared.
On July 5, 2021, the Company issued a press release entitled “Full Truck Alliance Announces Cybersecurity Review in China” which announced, in pertinent part, that China’s Cybersecurity Review Office (“CRO”) “has initiated a cybersecurity review of FTA’s Yunmanman apps and Huochebang apps. In order to facilitate the review and prevent the expansion of potential risks, these mobile apps are required to suspend new user registration in China during the review period.”
On this news, FTA American Depositary Shares (“ADSs”) fell $1.27 per ADS, or over 6%, to close at $17.75 per ADS on July 6, 2021, the next trading day, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than September 10, 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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