A securities class action has been filed against Full Truck Alliance Co. Ltd. Investors (YMM) on behalf of persons who purchased or otherwise acquired FTA’s securities pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with FTA’s June 2021 initial public offering or between June 22, 2021 through July 12, 2021. This case has been filed in the USDC – E.D.N.Y.
The Complaint alleges that on or about June 22, 2021, Full Truck sold approximately 82.5 million American Depositary Shares (“ADS”) in its initial public offering (“IPO”) at $19 per ADS, raising nearly $1.6 billion in new capital.
Then on July 5, 2021, Full Truck issued a press release entitled “Full Truck Alliance Announces Cybersecurity Review in China” which announced that “pursuant to an announcement issued by the Cybersecurity Review Office (‘CRO’) of the Cyberspace Administration of China on July 5, 2021, CRO has initiated a cybersecurity review of Full Truck’s Yunmanman apps and Huochebang apps.” The press release further revealed that “[i]n order to facilitate the review and prevent the expansion of potential risks, these mobile apps are required to suspend new user registration in China during the review period.”
On this news, Full Truck’s ADS price has fallen below its IPO price, damaging investors.