{"id":2924,"date":"2021-09-13T19:26:41","date_gmt":"2021-09-13T19:26:41","guid":{"rendered":"https:\/\/rosen.flywheelsites.com\/?post_type=news&p=2924"},"modified":"2022-03-14T17:07:38","modified_gmt":"2022-03-14T17:07:38","slug":"the-rosen-law-firm-p-a-announces-proposed-class-action-settlement-in-the-ppdai-group-inc-securities-litigation","status":"publish","type":"news","link":"https:\/\/rosenlegal.com\/news\/the-rosen-law-firm-p-a-announces-proposed-class-action-settlement-in-the-ppdai-group-inc-securities-litigation\/","title":{"rendered":"The Rosen Law Firm, P.A. Announces Proposed Class Action Settlement in the PPDAI Group Inc. Securities Litigation"},"content":{"rendered":"

NEW YORK<\/span>,\u00a0Sept. 13, 2021<\/span>\u00a0\/PRNewswire\/ —<\/p>\n

UNITED STATES<\/span>\u00a0DISTRICT COURT<\/strong>
\nEASTERN DISTRICT OF\u00a0NEW YORK<\/span><\/strong><\/p>\n

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\n
\n\n\n\n
\n

IN RE PPDAI GROUP INC. SECURITIES LITIGATION<\/span><\/p>\n<\/td>\n

\n

No: 1:18-cv-06716-LDH-TAM<\/span><\/p>\n

Hon. LaShann DeArcy Hall<\/span><\/p>\n

Hon. Taryn A. Merkl<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

SUPREME COURT OF THE STATE OF\u00a0NEW YORK<\/span><\/strong>
\nCOUNTY OF\u00a0NEW YORK<\/span>: COMMERCIAL DIVISION<\/strong><\/p>\n

\n
\n
\n\n\n\n
\n

IN RE PPDAI GROUP SECURITIES LITIGATION<\/span><\/p>\n

This Document Relates To:<\/span><\/p>\n

ALL ACTIONS.<\/span><\/p>\n<\/td>\n

\n

Index No: 654482\/2018<\/span><\/p>\n

Hon. Andrea Masley J.S.C.<\/span><\/p>\n

Part 48<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION<\/u><\/strong><\/p>\n

TO:\u00a0\u00a0<\/strong>ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED PPDAI GROUP INC. (“PPDAI” OR THE “COMPANY”) AMERICAN DEPOSITORY SHARES (“ADSS”) FROM\u00a0NOVEMBER 10, 2017<\/span>\u00a0THROUGH\u00a0MAY 9, 2018<\/span>, INCLUSIVELY, INCLUDING THOSE PERSONS THAT PURCHASED OR OTHERWISE ACQUIRED PPDAI ADSS\u00a0PURSUANT OR TRACEABLE TO PPDAI’S REGISTRATION STATEMENTS AND PROSPECTUS FOR PPDAI’S\u00a0NOVEMBER 10, 2017<\/span>\u00a0INITIAL PUBLIC OFFERING (“IPO”).<\/strong><\/p>\n

THIS NOTICE WAS AUTHORIZED BY THE COURT. IT IS NOT A LAWYER SOLICITATION. PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.<\/em><\/p>\n

YOU ARE HEREBY NOTIFIED that a hearing will be held on\u00a0December 16, 2021<\/span>, at\u00a010:00 a.m.<\/span>, before the Honorable LaShann DeArcy Hall at the U.S. District Court for the Eastern District of\u00a0New York<\/span>, 225 Cadman Plaza East, Courtroom 4H North,\u00a0Brooklyn, NY<\/span>\u00a011201, to determine whether: (1)\u00a0the proposed settlement (the “Settlement”) of the above-captioned action (the “Action”) as well as the action pending in the Supreme Court of the\u00a0State of New York<\/span>, County of\u00a0New York<\/span>, styled as\u00a0In re PPDAI Group Securities Litigation<\/em>, Index No. 654482\/2018 (the “State Court Action”) as set forth in the Stipulation of Settlement (“Stipulation”)1<\/sup>\u00a0for\u00a0$9,000,000<\/span>\u00a0in cash should be approved by the Court as fair, reasonable and adequate; (2)\u00a0the Judgment as provided under the Stipulation should be entered; (3)\u00a0to award Plaintiffs’ Counsel attorneys’ fees and expenses out of the Settlement Fund (as defined in the Notice of Pendency and Proposed Settlement of Class Action (“Notice”), which is discussed below), and, if so, in what amount; (4)\u00a0to award Plaintiffs for representing the Settlement Class out of the Settlement Fund and, if so, in what amount; and (5) the Plan of Allocation should be approved by the Court as fair, reasonable and adequate.2<\/sup><\/p>\n

This Action and the State Court Action are securities class actions brought on behalf of those persons who purchased or acquired PPDAI ADSs during the Settlement Class Period, against PPDAI, certain of its officers, directors, and underwriters of PPDAI’s IPO (collectively, “Defendants”) for, among other things, allegedly misstating and omitting material facts from the Registration Statement and Prospectus filed with the U.S. Securities and Exchange Commission in connection with the IPO.\u00a0 Plaintiffs allege that these purportedly false and misleading statements inflated the price of the Company’s ADSs, resulting in damage to Settlement Class Members when the truth was revealed.\u00a0 Defendants deny all of Plaintiffs’ allegations.<\/p>\n

IF YOU PURCHASED OR ACQUIRED PPDAI ADSs BETWEEN\u00a0November 10, 2017<\/span>\u00a0THROUGH AND INCLUDING\u00a0May 9, 2018<\/span>, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS ACTION AND THE STATE COURT ACTION.<\/p>\n

To share in the distribution of the Settlement Fund, you must establish your rights by submitting a Proof of Claim and Release Form (“Proof of Claim”) by mail\u00a0(postmarked no later than\u00a0December 2, 2021<\/span>)<\/strong>\u00a0or electronically\u00a0(no later than\u00a0December 2, 2021<\/span>)<\/strong>.\u00a0 Your failure to submit your Proof of Claim by\u00a0December 2, 2021<\/span>, will subject your claim to rejection and preclude your receiving any of the recovery in connection with the Settlement of this Action and the State Court Action.\u00a0 If you are a member of the Settlement Class and do not request exclusion therefrom, you will be bound by the Settlement and any judgment and release entered in the Action and the State Court Action, including, but not limited to, the Judgment, whether or not you submit a Proof of Claim.<\/p>\n

If you have not received a copy of the Notice, which more completely describes the Settlement and your rights thereunder (including your right to object to the Settlement), and a Proof of Claim, you may obtain these documents, as well as a copy of the Stipulation (which, among other things, contains definitions for the defined terms used in this Summary Notice) and other Settlement documents, online at\u00a0www.PPDAISecuritiesSettlement.com<\/a>, or by writing to:<\/p>\n

PPDAI Group Inc. Securities Litigation Settlement<\/em>
\nc\/o A.B. Data, Ltd.
\nP.O. Box 173003
\nMilwaukee, WI<\/span>\u00a053217
\nTel.: 877-777-9307<\/p>\n

Inquiries should NOT be directed to Defendants, the Court, or the Clerk of the Court.<\/p>\n

Inquiries, other than requests for the Notice or for a Proof of Claim, may be made to Plaintiffs’ Counsel:<\/p>\n

\n
\n
\n\n\n\n
\n

Laurence Rosen, Esq.<\/span><\/p>\n

THE ROSEN LAW FIRM, P.A.<\/span><\/p>\n

275 Madison Avenue, 40th<\/sup>\u00a0Floor<\/span><\/p>\n

New York, NY 10016<\/span><\/p>\n

Telephone: (212) 686-1060<\/span><\/p>\n

Federal Court Lead Counsel<\/em><\/span><\/p>\n<\/td>\n

\n

Ellen Gusikoff Stewart, Esq.<\/span><\/p>\n

ROBBINS GELLER RUDMAN & DOWD LLP<\/span><\/p>\n

655 West Broadway, Suite 1900<\/span><\/p>\n

San Diego, CA 92101
\n<\/span>Telephone: (800) 449-4900<\/span><\/p>\n

Max Schwartz, Esq.<\/span><\/p>\n

SCOTT+SCOTT, ATTORNEYS AT LAW LLP<\/span><\/p>\n

The Helmsley Building<\/span><\/p>\n

230 Park Avenue, 17th<\/sup>\u00a0Floor<\/span><\/p>\n

New York, NY 10169<\/span><\/p>\n

Telephone: (212) 223-6444<\/span><\/p>\n

State Court Lead Counsel<\/em><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

IF YOU DESIRE TO BE EXCLUDED FROM THE SETTLEMENT CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION SUCH THAT IT IS\u00a0POSTMARKED BY\u00a0NOVEMBER 2, 2021<\/span><\/strong>, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.\u00a0 ALL MEMBERS OF THE SETTLEMENT CLASS WHO HAVE NOT REQUESTED EXCLUSION FROM THE SETTLEMENT CLASS WILL BE BOUND BY THE SETTLEMENT EVEN IF THEY DO NOT SUBMIT A TIMELY PROOF OF CLAIM.<\/p>\n

IF YOU ARE A SETTLEMENT CLASS MEMBER, YOU HAVE THE RIGHT TO OBJECT TO THE SETTLEMENT, THE PLAN OF ALLOCATION, THE REQUEST BY PLAINTIFFS’ COUNSEL FOR AN AWARD OF ATTORNEYS’ FEES AND EXPENSES, AND\/OR THE AWARDS TO PLAINTIFFS FOR REPRESENTING THE SETTLEMENT CLASS.\u00a0 ANY OBJECTIONS MUST BE FILED WITH THE COURT AND SENT TO ONE OF PLAINTIFFS’ COUNSEL AND ONE OF DEFENDANTS’ COUNSEL\u00a0BY<\/strong>\u00a0NOVEMBER 2, 2021<\/span><\/strong>, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.<\/p>\n

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DATED:\u00a0 September 13, 2021<\/span><\/p>\n<\/td>\n

\n

BY ORDER OF THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF NEW YORK<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

1<\/sup>\u00a0The Stipulation can be viewed and\/or obtained at\u00a0www.PPDAISecuritiesSettlement.com<\/a>.<\/p>\n

2<\/sup>\u00a0In light of the COVID-19 pandemic, the Court may decide to conduct the Settlement Fairness Hearing by video or telephone conference, or otherwise allow Settlement Class Members to appear at the hearing by phone. No further notice of such decision will be provided to the Settlement Class. In order to determine whether the date and time of the Settlement Fairness Hearing have changed, or whether Settlement Class Members must or may participate by phone or video, it is important that you monitor the Settlement website,\u00a0www.PPDAISecuritiesSettlement.com<\/a>, before making any plans to attend the Settlement Fairness Hearing.\u00a0 Any updates and information for accessing a telephonic or video Settlement Fairness Hearing will be posted to the Settlement website,\u00a0www.PPDAISecuritiesSettlement.com<\/a>.<\/p>\n","protected":false},"featured_media":0,"template":"","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}}},"categories":[],"tags":[],"acf":[],"lang":"en","translations":{"en":2924},"pll_sync_post":[],"_links":{"self":[{"href":"https:\/\/rosenlegal.com\/wp-json\/wp\/v2\/news\/2924"}],"collection":[{"href":"https:\/\/rosenlegal.com\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/rosenlegal.com\/wp-json\/wp\/v2\/types\/news"}],"wp:attachment":[{"href":"https:\/\/rosenlegal.com\/wp-json\/wp\/v2\/media?parent=2924"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rosenlegal.com\/wp-json\/wp\/v2\/categories?post=2924"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rosenlegal.com\/wp-json\/wp\/v2\/tags?post=2924"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}