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360 DigiTech, Inc. Class Action Lawsuit - QFIN

Company Name
360 DigiTech, Inc.
Stock Symbol
QFIN
Class Period
April 30, 2020 to July 7, 2021
Motion Deadline
September 11, 2021
Court
Southern District of New York
39 days left to seek lead plaintiff status

Case Summary

The 360 DigiTech class action lawsuit charges 360 DigiTech, Inc. (NASDAQ: QFIN) and certain of 360 DigiTech’s top executives with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers of 360 DigiTech securities between April 30, 2020 and July 7, 2021, both dates inclusive (“Class Period”).  The 360 DigiTech class action lawsuit was commenced on July 13, 2021 in the Southern District of New York and is captioned Balderas v. 360 DigiTech, Inc., No. 21-cv-06013.

If you wish to serve as lead plaintiff of the 360 DigiTech class action lawsuit, please provide your information by clicking here.  You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.  Lead plaintiff motions for the 360 DigiTech class action lawsuit must be filed with the court no later than September 13, 2021.

CASE ALLEGATIONS: The 360 DigiTech class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) 360 DigiTech had been collecting personal information in violation of relevant People’s Republic of China laws and regulations; (ii) accordingly, 360 DigiTech was exposed to an increased risk of regulatory scrutiny and/or enforcement action; and (iii) as a result, 360 DigiTech’s public statements were materially false and misleading at all relevant times.

On July 8, 2021, reports circulated on social media to the effect that 360 DigiTech’s core product, the 360 IOU app, had been removed from major app stores.  The reports came on the heels of the removal of other companies’ apps as Chinese regulators investigated their customer data protection practices.  On this news, 360 DigiTech’s stock price fell more than 21%, damaging investors.

Then, on July 9, 2021, Seeking Alpha reported that 360 DigiTech confirmed the removal of its 360 IOU app from the Android app store and quoted a 360 DigiTech spokesperson, who disclosed that 360 DigiTech had “submitted a new rectification plan and stepped up the whole process.”

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased 360 DigiTech securities during the Class Period to seek appointment as lead plaintiff in the 360 DigiTech class action lawsuit.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the 360 DigiTech class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the 360 DigiTech class action lawsuit.  An investor’s ability to share in any potential future recovery of the 360 DigiTech class action lawsuit is not dependent upon serving as lead plaintiff.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions.  Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.  The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors last year, more than double the amount recovered by any other securities plaintiffs’ firm.

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