NEW YORK, Jan. 12, 2024 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
- Do you, or did you, own shares of Dada Nexus Limited (NASDAQ: DADA)?
- Did you purchase your shares between May 11, 2023 and January 8, 2024, inclusive?
- Did you lose money in your investment in Dada Nexus Limited?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Dada Nexus Limited (“Dada” or the “Company”) (NASDAQ: DADA) between May 11, 2023 and January 8, 2024, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Central District of California and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired Dada securities, and/or would like to discuss your legal rights and options please visit Dada Nexus Limited Shareholder Class Action Lawsuit or contact paralegal Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
According to the Complaint, Dada is a platform for local on-demand retail and delivery in China. The Company operates JD-Daojia (“JDDJ”), one of China’s largest local on-demand retail platforms for retailers and brand owners, and Dada Now, a leading local on-demand delivery platform open to merchants and individual senders across various industries and product categories.
Throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Dada revenues from online advertising, marketing services, and operations and support costs were materially overstated; and (2) as a result, Dada would need to conduct an independent review to ascertain the financial impact and the scope of suspicious practices that led to overstated revenues and costs.
On January 8, 2024, before market hours, Dada issued a press release on Form 6-K, which stated in relevant part that, in the course of its routine internal audit, certain suspicious practices were identified that may cast doubt on certain revenues from the Company’s online advertising and marketing services in 2023.
On this news, Dada’s American Depositary Receipt (“ADR”) price fell $1.45 per share, or 45.87%, to close at $1.70 per ADR on January 8, 2024.
If you wish to serve as lead plaintiff, you must move the Court no later than March 11, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Dada securities, and/or would like to discuss your legal rights and options please visit Dada Nexus Limited Shareholder Class Action Lawsuit or contact paralegal Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Paralegal
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
