The Klein Law Firm announces that a complaint has been filed on behalf of shareholders who purchased shares of Pinduoduo Inc. (NASDAQ: PDD) pursuant and/or traceable to the Company's July 26, 2018 initial public offering and/or between July 26, 2018 and July 31, 2018.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and failed to disclose that: (i) Pinduoduo’s controls were ineffective to prevent third-party vendors from selling counterfeit goods on the Company’s online platform; (ii) consequently, Pinduoduo’s revenues and the number of active merchants using its platform were traceable in part to unlawful conduct and thus unsustainable; and (iii) as a result, Pinduoduo’s public statements were materially false and misleading at all relevant times.
Shareholders have until October 22, 2018 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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