PDD Holdings Inc. f/k/a Pinduoduo Inc. (PDD)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of PDD Holdings Inc. f/k/a Pinduoduo Inc. (“PDD” or “the Company”) (NASDAQ: PDD). Investors who purchased PDD securities are encouraged to obtain additional information and assist the investigation.
The investigation concerns whether PDD has violated federal securities laws.
On March 21, 2023, CNN published an article entitled “Google suspends Chinese shopping app Pinduoduo over malware.” The CNN report stated that “Google has suspended Pinduoduo, a popular Chinese budget shopping app, from its Play Store after finding malware in versions of the app. In a Tuesday statement, Google said versions of the app that are not in the Play Store have been found to contain malware.” On this news, PDD’s stock price fell $3.35 per share, or 4.24%, to close at $2.01 per share on March 22, 2023. Then, on April 3, 2023, CNN published an article entitled “’I’ve never seen anything like this:’ One of China’s most popular apps has the ability to spy on its users, say experts.” Citing “a detailed investigation,” the article reported that “[m]ultiple experts identified the presence of malware on the Pinduoduo app that exploited vulnerabilities in Android operating systems. Company insiders said the exploits were utilized to spy on users and competitors, allegedly to boost sales.” On this news, PDD’s stock price fell $1.64 per share, or 2.19%, to close at $73.20 per share on April 4, 2023.
If you are aware of any facts relating to this investigation or purchased PDD shares, you can assist this investigation. You can also contact Peretz Bronstein or his law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC represents investors in securities fraud class actions and shareholder derivative suits. The firm has recovered hundreds of millions of dollars for investors nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.