NEW YORK, Jan. 17, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in PPDAI Group Inc. (“PPDAI” or the “Company”) (NYSE:PPDF) of the January 25, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in PPDAI securities pursuant to the Company’s November 2017 initial public offering (“IPO”) and would like to discuss your legal rights, click here: www.faruqilaw.com/PPDF. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all those who purchased PPDAI American Depositary Shares (“ADSs”) pursuant or traceable to the Company’s November 2017 IPO. The case, Lai v. PPDAI Group Inc. et al., No. 18-cv-06716 was filed on November 26, 2018.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false or misleading statements, or failing to disclose material information, in its registration statement regarding the predatory lending practices that the Company was engaged in. Additionally, the lawsuit alleges that many of PPDAI’s customers were using Company-approved loans to repay existing loans that they otherwise could not afford, thereby inflating the Company’s revenue and active borrower numbers.
The value of PPDAI’s ADSs has declined from the offering price of $13.00 to a close of $6.19 on November 26, 2018, a decrease of $6.81 or 52.38%.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding PPDAI’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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