Yahoo Finance Full Truck Alliance Alert: Kaplan Fox Announces Investigation of Full Truck Alliance Co. Ltd.
NEW YORK, July 29, 2021 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Full Truck Alliance Co. Ltd. (“FTA” or the “Company”) (NYSE: YMM). A class action securities lawsuit has been filed on behalf of investors who purchased or acquired FTA securities pursuant and/or traceable to the registration statement and related prospectus (collectively, the "Registration Statement") issued in connection with FTA's June 2021 initial public offering (the "IPO").
FTA purports to, with its subsidiaries, operate a digital freight platform that connects shippers with truckers to facilitate shipments in the People's Republic of China ("PRC"). The Company offers freight listing, matching, and brokerage services and online transaction services, as well as various value-added services.
On or about June 21, 2021, FTA sold approximately 82,500,000 American Depositary Shares (“ADSs”) at $19.00 per ADS in its IPO.
The complaint alleges that the Registration Statement for the IPO failed to disclose FTA's non-compliance with the relevant regulations or the potential penalties for its non-compliance--including a suspension of new user additions during a cybersecurity review.
The truth was allegedly revealed on July 5, 2021, when FTA issued a press release entitled "Full Truck Alliance Announces Cybersecurity Review in China" which announced, in part, that "pursuant to an announcement of the Cybersecurity Review Office ("CRO") of the Cyberspace Administration of China on July 5, 2021, CRO has initiated a cybersecurity review of FTA's Yunmanman apps and Huochebang apps. In order to facilitate the review and prevent the expansion of potential risks, these mobile apps are required to suspend new user registration in China during the review period."
Following this news, the price of FTA's shares fell $1.27 per ADS, or about 6.7%, to close at $17.75 on July 6, 2021.
If you are a member of the proposed Class, you may move the court no later than September 10, 2021 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling 646-315-9003.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, your rights, or your interests, please contact:
Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(646) 315-9003
Fax: (212) 687-7714
E-mail: dhall@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
