||ZTO Express Inc.
||United States District Court for The Southern District of New York
||The Hon. Laura Taylor Swain
||Pursuant and/or traceable to the company’s initial public offering on or about October 27, 2016
||All publicly traded securities
On August 14, 2017, the initial complaint in this securities class action was filed against ZTO Express Inc. (“ZTO” or the “Company”), and certain of ZTO’s directors, officers and underwriters, asserting violations of sections 11 and 15 of the Securities Act.
The Complaint alleges that ZTO’s Registration Statement and Prospectus filed in connection with its Initial Public Offering (“IPO”) touted purported advantages of ZTO’s “network partner” and “shared success” business model but omitted disclosing that, two quarters before the IPO, ZTO lowered its network transit fees to subsidize its network partners in response to increased operating costs, pricing pressure, competition and other negative market conditions.
Current Status of Case:
On July 17, 2019, the Court granted Defendant’s Motion to Dismiss but gave the Lead Plaintiff permission to file a motion for leave to file an amended complaint. On September 10, 2019, Lead Plaintiff filed its motion for leave to file an amended complaint. That motion is fully briefed and has pending before the Court since November 18, 2019. The action is ongoing.
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