| COMPANY |
DiDi Global Inc. |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
21-cv-05807 |
| JUDGE |
The Honorable Lewis A. Kaplan |
| CLASS PERIOD |
June 30, 2021 - July 21, 2021 |
| SECURITY TYPE |
American Depositary Shares |
Case Background:
On June 30, 2021, DiDi filed its prospectus on a Form 424B4, which forms part of the Registration Statement. In the IPO, DiDi sold approximately 316,800,000 shares at a price of $14.00 per share. Four ADSs represent one Class A ordinary share.
The complaint alleges that the Registration Statement was materially false and misleading and omitted to state that: (1) DiDi’s apps did not comply with applicable laws and regulations governing privacy protection and the collection of personal information; (2) as a result, DiDi was reasonably likely to incur scrutiny from the CAC; (3) the CAC had warned DiDi to delay its IPO to conduct a self-examination of its network security; (4) as a result of the foregoing, DiDi would face “serious, perhaps unprecedented, penalties” from relevant authorities; (5) as a result of the foregoing, DiDi’s apps were reasonably likely to be taken down from app stores in the PRC, which would have an adverse effect on its financial results and operations; and (6) as a result of the foregoing, the defendants’ positive statements about DiDi’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
Current Status of Case:
On March 14, 2024, The Court entered an Order denying the Motions to Dismiss the Consolidated Second Amended Complaint. Defendants filed Answers to the Amended Complaint on May 3, 2024. Lead Plaintiff filed a Motion to Certify Class on January 6, 2025. This action is in the discovery phase and ongoing.
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