The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Kanzhun Limited (NASDAQ: BZ) who purchased shares between June 11, 2021 and July 2, 2021. The action, which was filed in the United States District Court for the District of New Jersey, alleges that the Company violated federal securities laws.
In particular, the Kanzhun lawsuit alleges that (1) Kanzhun would face an imminent cybersecurity review by the Chinese government (“CAC”); (2) the CAC would require Kanzhun to suspend new user registration on its BOSS Zhipin app; (3) Kanzhun needed to “to conduct a comprehensive examination of cybersecurity risks”; (4) Kanzhun needed to “enhance its cybersecurity awareness and technology capabilities”; and (5) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Shareholders have until September 10, 2021 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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