RADNOR, Pa .– (COMMERCIAL THREAD) – Law firm Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed against 360 DigiTech, Inc. (NASDAQ: QFIN) (“360 DigiTech”) on behalf of those who bought or acquired 360 DigiTech shares between April 30, 2020 and July 7, 2021, inclusive (the “Class Period”).
Deadline reminder: investors who bought or acquired 360 DigiTech shares during the Class Action Period may, by September 13, 2021 at the latest, seek to be appointed as principal applicant representative of the group. For more information or to find out how to participate in this dispute, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; by e-mail to [email protected]; or click on https://www.ktmc.com/360-digitech-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=360_digitech
360 DigiTech, through its subsidiaries, operates a digital consumer credit platform under the 360 Jietiao brand in the People’s Republic of China (“PRC”). Its platform provides online consumer credit products to borrowers funded by institutional funding partners. 360 DigiTech also provides credit assessment, collection and other incremental services, as well as guarantee for delinquent loans. 360 DigiTech was previously known as 360 Finance, Inc. and changed its name to 360 DigiTech, Inc. in September 2020.
The Recourse Period begins on April 30, 2020, when 360 DigiTech has filed an annual report on Form 20-F setting out its financial and operating results for the year ended December 31, 2019. In the Annual Report and throughout the Class Period, the Defendants touted the customer data protection practices and security systems of 360 DigiTech that protect user information and comply with other network security requirements under these laws and regulations.
The truth came to light on July 8, 2021, when reports circulated on social media that 360 DigiTech’s core product, the 360 IOU app, had been pulled from major app stores. The reports followed the removal of other companies’ apps as Chinese regulators investigated their customer data protection practices. For example, an article published by the 21st Century Business Herald July 8, 2021 indicated that “[t]The reason for the deletion may be related to the discussion with the central bank and other financial regulators on April 29 this year about 13 internet financial platforms and the request for rectification.
Following this news, the DigiTech 360 share price fell $ 7.12 per share, or 21.48%, to close at $ 26.02 per share on July 8, 2021.
July 9, 2021, In search of the alpha reported that 360 DigiTech has confirmed the removal of its 360 IOU app from the Android app store and cited a spokesperson for 360 DigiTech, who revealed that 360 DigiTech had “submitted a new plan rectification and accelerated the whole process ”.
The complaint alleges that throughout the Class Period, the Defendants made false and / or misleading statements and / or failed to disclose that: (1) 360 DigiTech had collected personal information in violation of relevant laws and regulations from the PRC; (2) as a result, 360 DigiTech has been exposed to an increased risk of regulatory oversight and / or enforcement action; and (3) accordingly, 360 DigiTech’s public statements were materially false and misleading at all material times.
360 DigiTech investors can, by September 13, 2021 at the latest, seek to be appointed as the lead representative of class claimants through Kessler Topaz Meltzer & Check, LLP, or another lawyer, or may choose to do nothing and remain an absent member of the class. A principal plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be named the Principal Plaintiff, the Court must determine that the Class Member’s claim is typical of the claims of other Class Members, and that the Class Member will adequately represent the Class. Your ability to participate in any recovery is not affected by the decision whether or not to serve as the principal applicant.
Kessler Topaz Meltzer & Check, LLP pursues class actions in state and federal courts across the country relating to securities fraud, breach of fiduciary duty, and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force in corporate governance reform and has raised billions of dollars on behalf of institutional and individual investors in the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and participate in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information on Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.