Berman Tabacco Alerts Investors with Losses in Excess of $100,000 of Approaching Lead Plaintiff Deadline in Class Action Lawsuits Filed Against DiDi Global Inc. (DIDI)

Boston, Massachusetts--(Newsfile Corp. - August 18, 2021) -  Berman Tabacco, a national law firm representing investors, is investigating potential securities law violations against DiDi Global Inc. f/k/a Xiaoju Kuaizhi Inc. ("DiDi" or the "Company") (NASDAQ: DIDI) (CUSIP: 23292E108), senior management and underwriters in connection with the Company's June 2021 initial public offering ("IPO"). DiDi is a Chinese-based company that purports to be the "go-to brand in China for shared mobility" offering a range of services including ride hailing.

On July 6, 2021, two securities class actions were filed in the Central District of California (the "California Action") and Southern District of New York ("New York Action"), respectively. The California Action asserts claims under the Securities Act of 1933 (the "Securities Act") on behalf of purchasers of DiDi shares pursuant and/or traceable to the registration statement and prospectus issued in connection with the Company's IPO. The New York Action includes similar Securities Act claims and also claims under the Securities Exchange Act of 1934 (the "Exchange Act") on behalf of purchasers of DiDi shares between June 30, 2021 and July 2, 2021.

Both class actions similarly assert that the Company failed to disclose that DiDi had issues with collecting personal information in violation of relevant People's Republic of China laws and regulations and that DiDi's app, DiDi Chuxing, was facing an imminent cybersecurity review by the CAC.

On July 8, 2021, Bloomberg reported that Republican Senator Bill Hagerty called on the Securities and Exchange Commission to "examine whether Didi was forthcoming enough about its contact with Chinese regulators prior to the listing of its shares."

On July 12, 2021, the Company issued a press release entitled "Didi Announces Takedown of Additional Apps in China" which announced, among other things, that "the CAC stated that it was confirmed that 25 apps operated by the Company in China, including the apps used by users and drivers, had the problem of collecting personal information in serious violation of relevant PRC laws and regulations"; that "[p]ursuant to the PRC's Cybersecurity Law, the CAC notified app stores to take down these apps and cease to provide viewing and downloading service in China" and required the Company to "rectify the problem to ensure the security of users' personal information"; and that "[t]he Company expects that the app takedown may have an adverse impact on its revenue in China."

On July 22, 2021, Bloomberg published an article entitled "China Weighs Unprecedented Penalty for Didi After U.S. IPO" which reported, among other things, that "Chinese regulators are considering serious, perhaps unprecedented, penalties for Didi Global Inc. after its controversial initial public offering last month"; that "[r]egulators are weighing a range of potential punishments, including a fine, suspension of certain operations or the introduction of a state-owned investor"; that "[a]lso possible is 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[.]"

On August 4, 2021, an additional securities class action was filed in the Southern District of New York with a class period from June 30, 2021 through July 21, 2021.

If you wish to serve as Lead Plaintiff for the Class, you must file a motion to serve as Lead Plaintiff with the Court no later September 7, 2021. Any member of the proposed Class may move the Court to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.

If you purchased DiDi securities between June 30, 2021 and July 21, 2021, sustained losses in excess of $100,000 and would like more information on serving as Lead Plaintiff, or if you wish simply to share information about the investigation, please visit: https://www.bermantabacco.com/case/didi-global-inc/.

Berman Tabacco is a national law firm representing institutions and individuals in lawsuits, seeking to recoup losses caused by corporate and board misconduct and violations of the securities and antitrust laws. The firm has offices in Boston, Massachusetts and San Francisco, California.

This notice may constitute attorney advertising.

Contact:

Jay Eng, Esq.
(800) 516-9926
Email: law@bermantabacco.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/93632