| COMPANY |
Full Truck Alliance Co. Ltd. |
| COURT |
United States District Court for the Eastern District of New York |
| CASE NUMBER |
21-cv-03903 |
| JUDGE |
The Honorable LaShann DeArcy Hall |
| CLASS PERIOD |
Pursuant and/or traceable to the June 2021 registration statement and prospectus |
| SECURITY TYPE |
American Depositary Shares |
Case Background:
On May 27, 2021, FTA filed a Registration Statement on a Form F-1, which in combination with subsequent amendments of Forms F-1/A filed pursuant to Rule 424(b)(1), would be used for the IPO. On June 23, 2021, FTA filed its final prospectus for the IPO on a Form 424B4, which forms part of the Registration Statement. In the IPO, FTA sold approximately 82,500,000 American Depositary Shares (“ADSs”) at $19.00 per ADS.
The complaint alleges that the Registration Statement failed to disclose the specific known concerns and issues with FTA’s practices and apparent non-compliance with relevant technology laws. Specifically, the Registration Statement 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 complaint alleges that the Registration Statement contained false and/or misleading statements and/or failed to disclose that: (1) FTA’s Yunmanman and Huochebang apps would face an imminent cybersecurity review by the CAC; (2) the CAC would require FTA to suspend new user registration; (3) FTA needed to conduct a “comprehensive self-examination of any cybersecurity risks”; (4) FTA needed to “continue to improve its cybersecurity systems and technology capabilities”; and (5) as a result, the defendants’ public statements were materially false and misleading at all relevant times and negligently prepared.
Current Status of Case:
There is a global settlement of this Federal Action and a related State Court Action related to the same underlying wrongdoing. The State Court has preliminarily approved the Settlement of both Actions and has scheduled a Final Settlement Hearing for September 5, 2024.
The deadline to file a claim is July 23, 2024. Please note that Kessler Topaz did not file a claim on your behalf. Even if you previously provided your trading information to Kessler Topaz regarding this action, the Settlement requires that you must submit a claim form to the claims administrator to participate in the Settlement. If you have not yet already received or submitted a claim form, or if you would like to submit a claim form on-line, please contact the claims administrator at www.FTASecuritiesSettlement.com, or by calling the claims administrator, Gilardi & Co., at 1-866-688-4905.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. 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.