360 DigiTech, Inc. Securities Fraud Class Action

Case Background:
This is a federal securities fraud class action lawsuit on behalf of those who purchased or otherwise acquired 360 Digi Tech, Inc. (“360 DigiTech”) securities between April 30, 2020 and July 8, 2021, inclusive (the “Class Period”).

The Class Period commences on April 30, 2020, when 360 DigiTech filed an Annual Report on a Form 20-F reporting its financial and operating results for the year ended December 31, 2019.  In the Annual Report and throughout the Class Period, Defendants touted 360 DigiTech’s customer data protection practices and security systems that protect user information and abide by other network security requirements under such laws and regulations.

The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) 360 DigiTech had been collecting personal information in violation of relevant PRC laws and regulations; (2) accordingly, 360 DigiTech was exposed to an increased risk of regulatory scrutiny and/or enforcement action; and (3) as a result, 360 DigiTech’s public statements were materially false and misleading at all relevant times.

Current Status of Case:
On July 26, 2022, the Court granted Defendants’ Motion to Dismiss, and closed the case on September 28, 2022.  This action has concluded.

If you wish to discuss this action or have any questions, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at [email protected]. If you would like additional information about the suit, please click on the link “Submit Your Information” above and fill out the form as promptly as possible.

ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP:
Kessler Topaz Meltzer & Check, LLP (KTMC) is a leading U.S. plaintiff-side law firm focused on securities-fraud class actions and global investor protection. The firm represents individual investors as well as institutions, such as major pension funds, asset managers, and international investors. KTMC has led some of the largest recoveries in securities litigation and has been recognized by peers and the legal media with numerous accolades, including The National Law Journal’s Plaintiff’s Hot List and Trailblazers in Plaintiffs’ Law, BTI Consulting Group’s Honor Roll of Most Feared Law Firms, The Legal Intelligencer’s Class Action Firm of the Year, Lawdragon’s Leading Plaintiff Financial Lawyers, and Law360’s Titans of the Plaintiffs Bar. The firm operates globally with offices in Pennsylvania and California. KTMC has recovered over $25 billion for our clients and the classes they represent.