SAN FRANCISCO, July 19, 2021 (GLOBE NEWSWIRE) — Hagens Berman urges Full Truck Alliance (NYSE: YMM) investors with significant losses to submit your losses now. A securities class action lawsuit has been filed that relates to the company’s IPO issuance of 82.5 million American Depositary Shares at $19/ADS. Certain investors who invested in Full Truck Alliance ADRs pursuant or traceable to the company’s IPO may have valuable claims.
Full Truck Alliance Co. Ltd. (YMM) Securities Class Action:
According to the lawsuit, the company’s IPO materials contained misleading statements about the risks that (1) Full Truck Alliance’s Yunmanman and Huochebang apps would face an imminent cybersecurity review by the Cyberspace Administration of China (“CAC”), (2) the CAC would require the company to suspend new user registrations, and (3) the CAC would require First Truck Alliance to conduct a comprehensive review of any cybersecurity risks and remediate its systems and technologies as necessary.
Within a month of closing the IPO, investors began to learn the truth.
On July 5, 2021, Full Truck Alliance announced the CAC commenced a cybersecurity review of the Yunmanman and Huochebang apps and required the company to conduct a comprehensive review of cybersecurity risks, remediate deficiencies, and suspend new user registrations in China.
This news sent the price of Full Truck Alliance ADRs crashing lower on July 6, 2021.
“We’re focused on investors’ losses and proving Full Truck Alliance and senior management knew of the Chinese regulators’ demands but nonetheless rushed to market without first satisfying those demands,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are a Full Truck Alliance investor and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Full Truck Alliance should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email YMM@hbsslaw.com.
About Hagens Berman
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Reed Kathrein, 844-916-0895