DingDong (Cayman) Ltd. Securities Class Litigation
acquired the American Depositary Shares (“ADS”) of DingDong (Cayman) Ltd. (“Dingdong” or the “Company”) (NYSE: DDL) issued in connection with its Initial Public Offering (“IPO”) conducted on or about June 29, 2021.
If you purchased Dingdong ADS issued in connection with the IPO, you may move the Court for appointment as lead plaintiff by no later than October 24, 2022. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Dingdong investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff complete the form below, email email@example.com, or call or text Sharon M. Lee of Lieff Cabraser at 1-800-541-7358.
Background on the Dingdong Securities Class Litigation
Dingdong, headquartered in Shanghai, China, is a grocery e-commerce company. In its June 2021 IPO, Dingdong issued approximately 4.07 million ADS at $23.50 per share, raising $95.7 million in proceeds.
The action alleges that in connection with the IPO, Dingdong made false or misleading statements and/or failed to disclose in its IPO registration statement that: (1) Dingdong sold foods past its sell-by date despite claiming that it had strict quality control throughout its supply chain; (2) Dingdong was not better at providing fresh groceries for customers than other traditional grocery services; (3) as a result of the foregoing, Dingdong was subject to increased regulatory and governmental scrutiny and enforcement, which negatively impacted Dingdong’s business and reputation.
On March 17, 2022, Beijing News published a report revealing that Chinese regulators were investigating Dingdong for food safety violations uncovered by local news outlets. On this news, the price of Dingdong’s ADS fell $0.46, or 10.82%, from a closing price of $4.25 per ADS on March 16, 2022, to close at $3.79 per share on March 17, 2022, well below its IPO offering price, on elevated trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Munich, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a “Plaintiffs’ Powerhouse” by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $127 billion in verdicts and settlements. Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In 2021, The American Lawyer named our firm its “Boutique Litigation Firm of the Year.” Benchmark Litigation has named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America,” and listed us as its “2020 California Plaintiff Firm of the Year.” Lieff Cabraser is committed to ensuring access to justice for all.