Overview

A class action lawsuit has been filed against PDD Holdings, Inc. f/k/a Pinduoduo Inc. (“PDD”, “Pinduoduo” or the “Company”) (NASDAQ: PDD) and certain of the Company’s former and current senior executive officers alleging violations of the federal securities laws.  The PDD class action lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired publicly traded PDD securities between April 30, 2021, and June 25, 2024, both dates inclusive (the “Class Period”).  Investors have until October 15, 2024, to seek appointment as lead plaintiff of the PDD class action lawsuit.

PDD is a multi-national commerce company that owns and operates a portfolio of businesses.  The Company is focused on bringing businesses and people into the digital economy, which benefits local communities and small businesses from improved productivity and new opportunities.

The Company has and offers a platform to the public known as Pinduoduo.  The Company describes its Pinduoduo platform as follows: Our Pinduoduo platform provides buyers with a comprehensive selection of value-for-money merchandise and fun and interactive shopping experiences.  The platform pioneered an innovative “team purchase” model.  Buyers are encouraged to share product information on social networks, and invite their friends, family, and social contacts to form shopping teams to enjoy the more attractive prices available under the “team purchase” option.  Pinduoduo’s buyer base helps attract merchants to the platform, while the scale of the platform’s sales volume encourages merchants to offer more competitive prices and customized products and services to buyers, thus forming a virtuous cycle.

The Company also offers its services through their digital platform Temu.  The company describes its Temu platform as follows: Temu was founded in September 2022 in Boston, Massachusetts.  As a new initiative at an early stage of development, Temu aspires to become a global online platform dedicated to providing quality products to consumers at attractive prices.  In partnership with a global network of logistics vendors and fulfillment partners, Temu empowers merchants with value-added services that enable a broader market reach.

The PDD class action lawsuit alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) PDD’s applications contained malware, which were designed to obtain user data without the users’ consent, including reading private text messages; (2) PDD has no meaningful system to prevent goods made by forced labor from being sold on its platform, and has openly sold banned products on its Temu platform; (3) the foregoing subjected the Company to a heightened risk of legal and political scrutiny; and (4) as a result, Defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired publicly traded PDD securities between April 30, 2021, and June 25, 2024, both dates inclusive, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at [email protected]. 

The deadline to apply to the Court to serve as a lead plaintiff in the PDD class action lawsuit is October 15, 2024.