NEW YORK, November 03, 2021 (GLOBE NEWSWIRE) – Scott + Scott Attorneys at Law LLP (“Scott + Scott”), an international shareholder and consumer rights litigation firm, announces the filing of a class action lawsuit against D -MARKET Elektronik Hizmetler ve Ticaret Anonim Şirketi a / k / a D-MARKET Electronic Services & Trading d / b / a / Hepsiburada (“Hepsiburada” or the “Company”) (NASDAQ: HEPS) and other defendants, alleging violations of federal securities laws. If you bought Hepsiburada American Depositary Receipts (“shares”) since July 1, 2021 and have suffered a loss, realized or unrealized, you are encouraged to contact Scott + Scott’s attorney, Jonathan Zimmerman, at (844) 818-6980 or [email protected] for more information.
Hepsiburada operates an e-commerce platform in Turkey, where it is known as “Amazon of Turkey”. On July 1, 2021, the Company held its initial public offering (“IPO”) in the United States, offering shares at a price of $ 12 per share.
According to the lawsuit, Hepsiburada and the other defendants made false and misleading statements to the market in connection with the IPO. Specifically, they did not disclose that (1) Hepsiburada’s operational and sales growth suffered a sharp deceleration in the second quarter of 2021; and (2) as a result, the Company has attempted to strengthen certain categories of high frequency products and discount others; and (3) as a result, positive statements about the business, operations and prospects of the Company were misleading and / or lacked reasonable basis.
On August 26, 2021, Hepsiburada announced its financial results for the second quarter of 2021 (the quarter that ended before the IPO) indicating that revenue increased 5.2%, reflecting “the change in GMV mix in favor of Marketplace “. The CEO of the company said during the company’s earnings call that there had been a decline in gross contribution margin due to “reductions given to our customers at.” . . broaden our selection with an expanding merchant base and competitive pricing in the markets through our strategic margin investments as well as discounts granted to our clients for temporary marketing campaigns.
Following this news, the Company’s share price fell $ 3.05, or 25%, to close at $ 8.97 per share on August 26, 2021.
At the start of the lawsuit on October 21, 2021, the Company’s shares were trading at $ 5.30 per share, down nearly 56% from the IPO price of $ 12.
What you can do
If you bought Hepsiburada shares, and would like to discuss this lawsuit, please contact attorney Jonathan Zimmerman at (844) 818-6980, or [email protected] The deadline for the principal applicant’s queries is December 20, 2021.
About Scott + Scott Avocats LLP
Scott + Scott has extensive experience in the prosecution of major securities, antitrust and employee pension claims in the United States. The company represents pension funds, foundations, individuals and other entities around the world with offices in New York, London, Amsterdam, Connecticut, Virginia, California and Ohio.
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