RADNOR, Pa., Aug. 28, 2021 (GLOBE NEWSWIRE) – Law firm Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed in United States District Court for the Southern District of New York against 360 DigiTech, Inc. (NASDAQ: QFIN) (“360 DigiTech”) on behalf of those who purchased or acquired 360 DigiTech securities between April 30, 2020 and July 7, 2021, inclusive (the “Class Period”).
Deadline reminder: investors who bought or acquired 360 DigiTech shares during the Class Action Period may, by September 13, 2021 at the latest, seek to be appointed as principal applicant representative of the group. For more information or to find out how to participate in this dispute, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; by e-mail to [email protected]; Where Click on https://www.ktmc.com/360-digitech-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=360_digitech
360 DigiTech, through its subsidiaries, operates a digital consumer credit platform under the 360 Jietiao brand in the People’s Republic of China (“PRC”). Its platform provides online consumer credit products to borrowers funded by institutional funding partners. Throughout the litigation period, defendants have touted customer data protection practices and 360 DigiTech’s security systems that protect user information and meet other network security requirements under these laws. laws and regulations.
The truth came to light on July 8, 2021, when reports circulated on social media that 360 DigiTech’s core product, the 360 IOU app, had been pulled from major app stores. The reports followed the removal of other companies’ apps as Chinese regulators investigated their customer data protection practices. For example, an article published by the 21st Century Business Herald July 8, 2021 indicated that “[t]The reason for the removal may be related to the discussion with the central bank and other financial regulators on April 29 this year about 13 Internet financial platforms and the request for rectification.
Following this news, the DigiTech 360 share price fell $ 7.12 per share, or 21.48%, to close at $ 26.02 per share on July 8, 2021.
The complaint alleges that throughout the Class Period, the Defendants made false and / or misleading statements and / or failed to disclose that: (1) 360 DigiTech had collected personal information in violation of relevant laws and regulations from the PRC; (2) as a result, 360 DigiTech has been exposed to an increased risk of regulatory oversight and / or enforcement action; and (3) accordingly, 360 DigiTech’s public statements were materially false and misleading at all material times.
360 DigiTech investors can, by September 13, 2021 at the latest, seek to be appointed as the principal representative of class claimants through Kessler Topaz Meltzer & Check, LLP or another lawyer, or may choose to do nothing and remain an absent member of the class. A principal plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be named the Principal Plaintiff, the Court must determine that the Class Member’s claim is typical of the claims of other Class Members, and that the Class Member will adequately represent the Class. Your ability to participate in any recovery is not affected by the decision whether or not to serve as a principal applicant.
Kessler Topaz Meltzer & Check, LLP pursues class actions in state and federal courts across the country regarding securities fraud, breach of fiduciary duty, and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force in corporate governance reform and has raised billions of dollars on behalf of institutional and individual investors in the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and participate in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information on Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 route du Roi de Prussia
Radnor, Pennsylvania 19087
(844) 887-9500 (toll free)