HDFC Bank Limited Class Action Lawsuit
- Company Name
- HDFC Bank Limited
- Stock Symbol
- Class Period
- July 31, 2019 to July 10, 2020
- Motion Deadline
- November 2, 2020
- Eastern District of New York
The HDFC Bank Limited class action lawsuit charges HDFC Bank and certain of its officers with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers of HDFC Bank securities between July 31, 2019 and July 10, 2020, inclusive (the “Class Period”). The HDFC Bank class action lawsuit was commenced on September 3, 2020 in the Eastern District of New York and is captioned Arora v. HDFC Bank Limited, No. 20-cv-04140.
HDFC Bank provides various banking and financial services to individuals and businesses in India, Bahrain, Hong Kong, and Dubai.
The HDFC Bank class action lawsuit alleges that during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) HDFC Bank had inadequate disclosure controls and procedures and internal control over financial reporting; (ii) as a result, HDFC Bank maintained improper lending practices in its vehicle-financing operations; (iii) accordingly, earnings generated from HDFC Bank’s vehicle-financing operations were unsustainable; (iv) all the foregoing, once revealed, was foreseeably likely to have a material negative impact on HDFC Bank’s financial condition and reputation; and (v) as a result, HDFC Bank’s public statements were materially false and misleading at all relevant times.
On July 13, 2020, The Economic Times published an article, titled “HDFC Bank probes lending practices at vehicle unit,” reporting that HDFC Bank had “conducted a probe into allegations of improper lending practices and conflicts of interests in its vehicle-financing operations involving the unit’s former head.” On this news, HDFC Bank’s American Depositary Share price fell nearly 3%, damaging investors.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased HDFC Bank securities during the Class Period to seek appointment as lead plaintiff in the HDFC Bank class action lawsuit. A lead plaintiff will act on behalf of all other class members in directing the HDFC Bank class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the HDFC Bank class action lawsuit. An investor’s ability to share in any potential future recovery of the HDFC Bank class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the HDFC Bank class action lawsuit or have questions concerning your rights regarding the HDFC Bank class action lawsuit, please provide your information here or contact counsel, J.C. Sanchez of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at email@example.com. Lead plaintiff motions for the HDFC Bank class action lawsuit must be filed with the court no later than November 2, 2020.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities class action litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For seven consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations and the media as leading lawyers in the industry.