LOS ANGELES, Oct. 4, 2022 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (“GPM”) reminds investors of what’s to come October 24, 2022 Deadline for filing a motion by lead plaintiff in the class action lawsuit filed on behalf of investors who have purchased or otherwise acquired Dingdong (Cayman) Limited (“Dingdong” or the “Company”) DDL American Depository Shares (“ADSs”) pursuant to and/or traceable to the registration statement and prospectus issued in connection with Dingdong’s initial public offering in June 2021 (the “IPO”).
If you have suffered a loss on your investments in Dingdong or would like to inquire about potential claims to recover your loss under federal securities laws, you may submit your contact information at www.glancylaw.com/cases/dingdong-cayman-limited/. You can also contact GPM’s Charles H. Linehan at 310-201-9150, toll free at 888-773-9224, or email at [email protected] to learn more about your rights.
In June 2021, Dingdong completed its IPO and sold approximately 4.07 million ADS at $23.50 per ADS.
on March 17, 2022, News from Beijing released a report saying Chinese regulators have launched an investigation into food safety violations in Dingdong, alleging that the company is “replacing labels on expired vegetables and selling frozen fish products as fresh.”
As a result of this news, Dingdong’s ADS price fell by $0.46 or 10.8% to close at $3.37 per ADS on March 17, 2022, hurting investors.
Since going public, the company’s ADSs have traded at just $2.51 per share, 89% below the IPO price.
The complaint filed in this class action alleges that the defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations and prospects. Specifically, the Defendants failed to disclose the following to investors: (1) Dingdong actively disregarded its food safety responsibilities by failing to meet its stated obligation to provide “fresh” food to customers who have historically been affected by…
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