Wolf Popper LLP Reminds DiDi Global, Inc. (DIDI) Investors of September 7, 2021 Lead Plaintiff Filing Deadline

New York, New York--(Newsfile Corp. - August 16, 2021) - Wolf Popper LLP reminds DiDi Global, Inc. (NYSE: DIDI) investors that federal securities class action lawsuits have been filed in the United States District Courts for the Central District of California and Southern District of New York against DiDi and certain of DiDi's officers, directors, and IPO underwriters. The deadline for DiDi investors to seek appointment as the lead plaintiff in the securities class actions is September 7, 2021.

The securities class actions are brought on behalf of investors who purchased or otherwise acquired (a) DiDi securities between June 30, 2021 and July 21, 2021 (the Class Period) and (b) DiDi American Depositary Receipts (ADRs) pursuant and/or traceable to DiDi's June 30, 2021 IPO.

The DiDi securities class action litigations allege, among other things, that the defendants made false and misleading public statements and failed to disclose that: (1) DiDi's apps did not comply with applicable laws and regulations governing privacy protection and the collection of personal information; (2) as a result, DiDi was reasonably likely to incur scrutiny from the Cybersecurity Administration of China (CAC); (3) the CAC had already warned DiDi to delay its IPO to conduct a self-examination of its network security; (4) as a result of the foregoing, DiDi's apps were reasonably likely to be taken down from app stores in China, which would have an adverse effect on its financial results and operations; and (5) as a result of the foregoing, Defendants' positive statements about DiDi's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.

DiDi calls itself the "world's largest mobility technology platform" and provides services including ride hailing, taxi hailing, chauffeur, hitch and other forms of shared mobility. DiDi, which has been called the "Uber of China," operates in approximately 4,000 cities, counties, and towns across 17 countries.

On June 30, 2021, DiDi held its initial public offering, selling 316.8 million ADRs at $14.00 per ADR and raising over $4 billion.

Before the market opened on July 2, 2021, the CAC said on its website that it had launched an investigation into DiDi and that DiDi wasn't allowed to register new users during the investigation. The CAC wanted to prevent data security-related risks from DiDi's gathering of vast amounts of real-time mobility data. As a result of this news, the price of DiDi ADRs fell $0.87 per ADR, or over 5%, to close at $15.53 per ADR on July 2, 2021.

On Sunday July 4, 2020, the CAC ordered DiDi's app removed from China-based app stores because the app violated the country's laws and regulations through the improper collection and usage of user information. On July 5, 2021, The Wall Street Journal reported that the CAC suggested to DiDi weeks before DiDi's IPO that DiDi delay the offering and "conduct a thorough self-examination of its network security." As a result of this news, on July 6, 2021, the next trading day after July 2, 2021, the price of DiDi ADRs fell $3.04 per share, or more than 19.5%, to close at $12.49 per ADR.

On July 12, 2021, before market hours, DiDi issued a press release and announced, among other things, that the CAC had notified app stores to take down 25 apps operated by DiDi in China and that DiDi "expects that the app takedown may have an adverse impact on its revenue in China." As a result of this news, the price of DiDi ADRs fell $0.87 per ADR, or more than 7%, and closed at $11.16 per ADR on July 12, 2021.

On July 22, 2021, Bloomberg reported that Chinese regulators were considering "serious, perhaps unprecedented, penalties" for DiDi, "including a fine, suspension of certain operations[,] the introduction of a state-owned investor" or even "a forced delisting or withdrawal of [DiDi]'s U.S. shares," and that "Beijing is likely to impose harsher sanctions on [DiDi] than on Alibaba Group Holding Ltd., which swallowed a record $2.8 billion fine[.]" As a result of this news, the price of DiDi's ADRs fell $3.44 per ADR, or nearly 30%, over the next two trading days to close at $8.06 per ADR on July 23, 2021.

The Private Securities Litigation Reform Act of 1995 permits any investor who purchased DiDi securities pursuant or traceable to DiDi's IPO or during the Class Period to ask the court to be appointed as lead plaintiff in the DiDi securities class action litigation. A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit, and can select a law firm of its choice to litigate the class action lawsuit. A court will generally appoint as lead plaintiff the movant with the greatest financial interest in the relief sought by the proposed class of investors and that is also typical and adequate of the proposed class. An investor's ability to share in any potential future recovery obtained in the litigation is not dependent upon serving as lead plaintiff.

The deadline for DiDi investors to file a motion for appointment as lead plaintiff is September 7, 2021.

If you wish to serve as lead plaintiff in the DiDi securities class action litigation or have questions concerning your rights regarding the DiDi securities class action litigations, please contact Joshua Ruthizer at (212) 451-9668, (877) 370-7703, or jruthizer@wolfpopper.com.

Wolf Popper has successfully recovered billions of dollars for defrauded investors. Wolf Popper's reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation. For more information about Wolf Popper, please visit the Firm's website at www.wolfpopper.com.

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Wolf Popper LLP
Joshua Ruthizer
845 Third Avenue
New York, NY 10022
Tel.: (212) 451-9668
Email: jruthizer@wolfpopper.com

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