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HEPS.US
id: 685

D-MARKET Electronic Services & Trading (HEPS) $13.9M Investor Settlement

The settlement funds have been distributed to claimants.
$13,900,000
Cash Settlement
S.D. New York
Court
1:21-cv-08634
Case number
07/01/2021
Class period Start
11/23/2021
Class period End
09/27/2023
Claim deadline
D-MARKET Electronic Services & Trading (HEPS) settles $13.9M with Investors.

The Complaint alleges that the Registration Statement was materially false and misleading and omitted to state:
  1. that Hepsiburada suffered a sharp deceleration in operational and sales growth during the second quarter of 2021;
  2. that, as a result, the Company initiated certain actions to fortify its competitive position, including investing in electronics and high-frequency categories and discounting certain categories;
  3. that, as a result of the foregoing, Hepsiburada’s revenue and GMV had declined during the second quarter of 2021; and
  4. that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Case Type
US Securities Class Action
Case Status
Disbursed
Alleged Offence
Misleading Statements, 
Failure to Disclose, 
Omissions
Suspected Party
Directors, 
Management
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.15
Filing date
10/21/2021
Plaintiffs
IWA-Forest Industry Pension Plan
Attorneys
Kaplan Fox & Kilsheimer LLP, Robbins Geller Rudman & Dowd LLP
Defendants
Hanzade Vasfiye Doğan Boyner, Mehmet Murat Emirdağ, Halil Korhan Öz, Erman Kalkandelen, Mehmet Erol Çamur, Cemal Ahmet Bozer, Vuslat Doğan Sabanci, Mustafa Aydemir, Tolga Babali, Tayfun Bayazit
Judge
Hon. P. Kevin Castel
Administrator
Gilardi & Co LLC
Court hearing date
08/01/2023
Exclusion deadline
07/10/2023
Objection deadline
07/18/2023
Hearing deadline
07/18/2023
Trades matching type
FIFO
Disbursement date
03/18/2025

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