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PDD.US
id: 994

PDD Holdings (PDD) Circulating Dangerous Malware/Spyware Case

The defendant has requested the court to dismiss the case.
E.D. New York
Court
1:24-cv-05653
Case number
04/30/2021
Class period Start
06/25/2024
Class period End
10/14/2024
Lead Plaintiff motion deadline

  • $PDD stockholders filed a claim against PDD Holdings for secretly collecting data and allowing the sale of products made with forced labor.

  • After the news on September 7, 2023, $PDD fell 4.9%, losing $6.62B+ of shareholder value.

  • PDD investors can join this case to be notified about potential recovery.

Case Details:

On September 7, 2023, Grizzly Research published a report alleging, among other things, that PDD’s popular shopping app, TEMU, was the most dangerous malware/spyware package in widespread circulation.

On this news, $PDD fell 4.9% and lost over $6.62 billion of its market capitalization, seriously damaging shareholders.

Based on these events, $PDD investors filed a claim against PDD Holdings, accusing the company of the following:

  • PDD Holdings' apps secretly collected user data without consent.

  • The company also failed to stop forced labor products from being sold on its platform, increasing legal risks.

Considering all the representations, investors suspect PDD apps secretly collected data and failed to stop forced labor products.

Case Type
US Securities Class Action
Case Status
Motion to dismiss
Alleged Offence
Misleading Statements, 
Failure to Disclose, 
Omissions
Suspected Party
Directors, 
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
09/07/2023
Filing date
08/13/2024
Lead Plaintiff Deadline
10/14/2024