NEW ORLEANS, Jan. 26, 2024 /PRNewswire/ — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until March 11, 2024 to file lead plaintiff applications in a securities class action lawsuit against Dada Nexus Limited (NasdaqGS: DADA), if they purchased or otherwise acquired the Company’s securities between May 11, 2023 and January 8, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the Central District of California.
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Dada Nexus investors should visit us at https://claimsfiler.com/cases/nasdaq-dada/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Dada Nexus and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On January 8, 2024, pre-market, the Company disclosed that “certain suspicious practices were identified that may cast doubt on certain revenues from the Company’s online advertising and marketing services in 2023,” specifically estimated to include “approximately RMB500 million of revenues from online advertising and marketing services and RMB500 million of operations and support costs [that] may have been overstated, respectively, for the first three quarters of 2023.” Further, the Company stated that “the revenue guidance previously provided by the Company for the fourth quarter and full year of 2023 should no longer be relied upon until further notice.”
On this news, the price of Dada’s American Depositary Receipts plummeted approximately 45%, to close at $17.12 per share, on January 8, 2024.
The case is Wang v. Dada Nexus Limited, et al., No. 24-cv-00239.
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