Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against DiDi Global, Inc. (NYSE: DIDI) on behalf of DiDi stockholders. Our investigation concerns whether DiDi has violated the federal securities laws and/or engaged in other unlawful business practices.
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On or about June 30, 2021, DiDi Global completed its IPO, issuing 316.8 million American Depositary Shares at $14.
Within days, on July 2, 2021, the company disclosed China’s Cyberspace Administration Office is conducting a cybersecurity review of the company and required it to suspend new user registration in China.
On July 4, 2021, the Company issued a press release entitled “DiDi Announces App Takedown in China” which announced that: “the CAC [Cyberspace Administration of China] stated that it was reported and confirmed that the ‘DiDi Chuxing’ app had the problem of collecting personal information in violation of relevant PRC laws and regulations.” The press release further stated that “[p]ursuant to the PRC's Cybersecurity Law, the CAC notified app stores to take down the ‘DiDi Chuxing’ app in China[.]”
On July 5, 2021, the Wall Street Journal published an article entitled “Chinese Regulators Suggested Didi Delay Its U.S. IPO: Ride-hailing giant, under pressure to reward shareholders, pushed ahead with NYSE listing despite concerns of China’s cybersecurity watchdog” which reported, among other things, that “[w]eeks before Didi Global Inc. [] went public in the U.S., China’s cybersecurity watchdog suggested the Chinese ride-hailing giant delay its initial public offering and urged it to conduct a thorough self-examination of its network security[.]”
On this news, the Company’s American Depositary Shares (“ADS”) price fell $3.04 per ADS, or nearly 20%, to close at $12.49 per ADS on July 6, 2021, the next trading day.
If you purchased or otherwise acquired DiDi shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
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Contacts
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
