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Frank R. Cruz Law Firms Announce Securities Class Action Filing On Behalf Of Investors In DiDi Global Inc. (DIDI)

LOS ANGELES–(COMMERCIAL THREAD) – The law firm of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of the persons and entities that have purchased or otherwise acquired DiDi Global Inc. (“DiDi” or the “Company”) (NYSE : DIDI): (a) American Depositary Shares (“ADS” or “shares”) in accordance with the registration statement and the prospectus (collectively, the “registration statement”) issued in connection with the initial public offering of the Company in June 2021 (“IPO” or “the Offer”); and / or (b) titles between June 30, 2021 and July 2, 2021, inclusive (the “Class Period”). DiDi investors have up to September 7, 2021 file an application as the principal applicant.

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

DiDi claims to be the world’s largest mobility technology platform. The company claims to be the “benchmark brand in China for shared mobility,” offering a range of services including ridesharing, taxi, driver and hitch services.

On or around June 30, 2021, DiDi sold approximately 316.8 million ADS as part of its IPO for $ 14 per share, raising nearly $ 4.5 billion in new capital.

On July 2, 2021, the Cyberspace Administration of China (“CAC”) said it had launched an investigation into DiDi to protect national security and the public interest. He also said he asked DiDi to stop new user registrations during the investigation.

Following this news, the Company’s share price fell $ 0.87, or approximately 5.3%, to close at $ 15.53 per share on July 2, 2021, on unusually high trading volume. .

Then, on Sunday, July 4, 2021, DiDi reported that the ACC ordered smartphone app stores to stop offering the “DiDi Chuxing” app because it “collects[ed] personal information in violation of the laws and regulations of the PRC. Although users who previously downloaded the app can continue to use it, DiDi said that “removing the app could have a negative impact on its revenue in China.”

On July 5, 2021, the Wall Street Journal reported that the ACC had asked the company as early as three months before the IPO to postpone the offering due to national security concerns and to “conduct a thorough self-examination. the security of its network. ”

Following this news, the company’s stock price fell $ 3.04 per share, or 19.6%, to close at $ 12.49 per share on July 6, 2021, on unusually high trading volume. Student.

At the start of this action, the company’s shares were trading at $ 12.06 per share, down nearly 14% from the IPO price of $ 14 per share.

The registration statement was materially false and misleading and failed to state material adverse facts. Throughout the Class Period, the Defendants made materially false and / or misleading statements, and failed to disclose material adverse facts regarding the business, operations and prospects of the Company. Specifically, the Defendants failed to disclose to investors: (1) that DiDi’s applications did not comply with applicable laws and regulations governing the protection of privacy and the collection of personal information; (2) that, as a result, the Company was reasonably susceptible to scrutiny by the Cyberspace Administration of China; (3) that the CAC had already warned DiDi to delay its IPO in order to carry out a self-examination of the security of its network; (4) that due to the foregoing, DiDi’s apps were reasonably likely to be removed from app stores in China, which would adversely affect its financial results and operations; and (5) that as a result of the foregoing, the Defendants’ positive statements regarding the activities, operations and prospects of the Company were materially misleading and / or lacked reasonable basis.

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If you have purchased DiDi securities during the Recourse Period, you can appeal to the Court at the latest September 7, 2021 ask the Court to appoint you as the principal plaintiff. To be a member of the Class, you do not need to take any action at this time; you can retain the services of a lawyer of your choice or take no action and remain an absent member of the group. If you have purchased any DiDi securities, have any information or would like to learn more about these claims, or have any questions regarding this announcement or your rights or interests in any such matters, please contact Frank R. Cruz, of The Law Offices of Frank R Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, CA 90067 at 310-914-5007, by email at [email protected], or visit our website at www.frankcruzlaw .com. If you are applying by email, please include your mailing address, phone number and number of shares purchased.

This press release may be considered an attorney’s advertisement in certain jurisdictions under applicable law and ethical rules.

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