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NEW YORK, August 02, 2021--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP ("Scott+Scott"), an international shareholder and consumer rights litigation firm, announces the filing of a class action lawsuit against Full Truck Alliance Co. Ltd. ("Full Truck" or the "Company") (NYSE: YMM) and certain of its officers and directors alleging violations of federal securities laws. If you purchased Full Truck American Depository Shares ("ADSs") you are encouraged to contact Scott+Scott attorney Rhiana Swartz for additional information at (844) 818-6980 or email@example.com.
Full Truck operates a digital freight platform that connects shippers with truckers to facilitate shipments in the People’s Republic of China. It offers freight listing, matching, and brokerage services; and online transaction services, as well as various value-added services.
Full Truck held its initial public offering ("IPO") in the United States in June 2021, offering approximately 82,500,000 ADSs to the investing public at $19.00 per ADS.
The lawsuit alleges, among other things, that the Company made materially false and/or misleading statements and/or failed to disclose the following in the IPO’s offering documents; specifically: (1) Full Truck’s apps Yunmanman and Huochebang would face an imminent cybersecurity review by the Cyberspace Administration of China ("CAC"); (2) the CAC would require Full Truck to suspend new user registration; (3) Full Truck needed to conduct a "comprehensive self-examination of any cybersecurity risks;" (4) Full Truck needed to "continue to improve its cybersecurity systems and technology capabilities;" and (5) as a result, Defendants’ public statements were materially false and misleading at all relevant times and negligently prepared.
On July 5, 2021, the Company issued a press release stating that it would have to suspend new user registration while the Cybersecurity Review Office of the CAC conducted a cybersecurity review of Full Truck’s Yunmanman and Huochebang apps.
On this news, Full Truck’s ADSs fell $1.27 per share – over 6% – to close at $17.75 per ADS on July 6, 2021.
What You Can Do
If you purchased or otherwise own Full Truck ADSs, and you wish to discuss this lawsuit, please contact attorney Rhiana Swartz at (844) 818-6980, or at firstname.lastname@example.org. The deadline to file for lead plaintiff is September 10, 2021.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, Virginia, California, and Ohio.
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