According to the lawsuit, the Registration Statement featured false and/or misleading statements and/or failed to disclose that:
- FTA’s apps Yunmanman and Huochebang would face an imminent cybersecurity review by the Cyberspace Administration of China (the “CAC”);
- the CAC would require FTA to suspend new user registration;
- FTA needed to conduct a “comprehensive self-examination of any cybersecurity risks”;
- FTA needed to “continue to improve its cybersecurity systems and technology capabilities”; and
- as a result, defendants’ public statements were materially false and misleading at all relevant times and negligently prepared.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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