D-MARKET Elektronic d/b/a Hepsiburada Company News: Berger Montague Investigates Securities Fraud Allegations Against D-MARKET Elektronic (HEPS); Lead Plaintiff Deadline is December 20, 2021

Philadelphia, Pennsylvania--(Newsfile Corp. - December 8, 2021) - Berger Montague is investigating securities fraud allegations on behalf of investors who purchased the securities of D-MARKET Elektronic d/b/a Hepsiburada (NASDAQ: HEPS) ("D-MARKET" or the "Company") between June 27, 2021 and October 21, 2021 (the "Class Period").

If you purchased D-MARKET securities during the Class Period, would like to discuss Berger Montague's investigation, or have questions concerning your rights or interests, please contact attorneys Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or Michael Dell'Angelo at mdellangelo@bm.net or (215) 875-3080, or visit: https://bergermontague.com/cases/berger-montague-investigates-securities-fraud-against-d-market-elektronic/.

Whistleblowers: Anyone with non-public information regarding D-MARKET is encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.

On or about July 1, 2021, D-MARKET completed its IPO, selling approximately 62 million shares for $12.00 per share. On August 26, 2021, the Company announced its Q2 2021 financial results-the quarter which had ended before the IPO closed-and reported that revenue grew 5.2%, reflecting "the shift in GMV mix in favor of Marketplace." The Company also reported that EBITDA was "negative TRY 188.6 million in Q2 2021 compared to positive TRY 71.1 million in Q2 2020 . . . due to lower gross contribution driven primarily by investments to fortify our position in electronics, investments to penetrate in high frequency categories as well as higher customer demand for low margin products."

On this news, the Company's share price fell $3.05, or 25%, to close at $8.97 per share on August 26, 2021. By the commencement of this action, the Company's shares were trading as low as $5.30, a nearly 56% decline from the $12.00 per share IPO price.

The complaint in the action alleges that the Company's IPO Registration Statement was materially false and misleading and omitted to state that D-MARKET suffered a sharp deceleration in operational and sales growth during Q2 2021, and that revenue and GMV had declined during Q2 2021.

Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.

Contacts

Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
aabramowitz@bm.net

Michael Dell'Angelo, Executive Shareholder
Berger Montague
(215) 875-3080
mdellangelo@bm.net

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/107074