Dada Nexus Limited Class Action Lawsuit - DADA
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The Dada Nexus class action lawsuit seeks to represent purchasers or acquirers of Dada Nexus Limited (NASDAQ: DADA) securities between May 11, 2023 and January 8, 2024, inclusive (the “Class Period”). Captioned Wang v. Dada Nexus Limited, No. 24-cv-00239 (C.D. Cal.), the Dada Nexus class action lawsuit charges Dada Nexus and certain of Dada Nexus’ top current and former executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Dada Nexus class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at email@example.com. Lead plaintiff motions for the Dada Nexus class action lawsuit must be filed with the court no later than March 11, 2024.
CASE ALLEGATIONS: Dada Nexus is a platform for local on-demand retail and delivery in China.
The Dada Nexus class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Dada Nexus revenues from online advertising, marketing services, and operations and support costs were materially overstated; and (ii) as a result, Dada Nexus would need to conduct an independent review to ascertain the financial impact and the scope of suspicious practices that led to overstated revenues and costs.
The Dada Nexus class action lawsuit further alleges that on January 8, 2024, Dada Nexus announced that “in the course of its routine internal audit, certain suspicious practices were identified that may cast doubt on certain revenues from the [Dada Nexus’] online advertising and marketing services in 2023.” Dada Nexus further disclosed that “approximately RMB500 million of revenues from online advertising and marketing services and RMB500 million of operations and support costs may have been overstated, respectively, for the first three quarters of 2023.” On this news, the price of Dada Nexus American Depositary Receipts fell nearly 46%, according to the complaint.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Dada Nexus securities during the Class Period to seek appointment as lead plaintiff in the Dada Nexus 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 Dada Nexus class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Dada Nexus class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Dada Nexus class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.