NEW YORK, May 15, 2023 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of PDD Holdings Inc. f/k/a Pinduoduo Inc. PDD resulting from allegations that PDD may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased PDD securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://ift.tt/1DwzhtM or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.
WHAT IS THIS ABOUT: On March 21, 2023, CNN published an article entitled “Google suspends Chinese shopping app Pinduoduo over malware.” The CNN report stated “Google has suspended Pinduoduo, a popular Chinese budget shopping app, from its Play Store after finding malware in versions of the app. In a Tuesday statement, Google said versions of the app that are not in the Play Store have been found to contain malware.”
On this news, PDD’s stock price fell $3.35 per share, or 4.24%, to close at $75.58 per share on March 22, 2023.
Then on April 3, 2023, CNN published an article entitled “‘I’ve never seen anything like this:’ One of China’s most popular apps has the ability to spy on its users, say experts.” The article stated, “[i]n a detailed investigation, CNN spoke to half a dozen cybersecurity teams from Asia, Europe and the United States — as well as multiple former and current Pinduoduo employees — after receiving a tipoff. Multiple experts identified the presence of malware on the Pinduoduo app that exploited vulnerabilities in Android operating systems. Company insiders said the exploits were utilized to spy on users…
The post ROSEN, NATIONAL INVESTOR COUNSEL, Encourages PDD Holdings Inc. f/k/a Pinduoduo I… – Press Release appeared first on CaymanMama.com.
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