NEW YORK, Sept. 21, 2022 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Dingdong (Cayman) Ltd. ("Dingdong" or the "Company") DDL. Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Dingdong and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On or around June 29, 2021, Dingdong conducted its initial public offering ("IPO"), issuing approximately 4.07 million American Depositary Shares ("ADSs") priced at $23.50 per ADS. Then, on March 17, 2022, Beijing News reported that Chinese regulators had launched a probe into Dingdong for food safety violations. According to the report, Dingdong had replaced labels on expired vegetables and sold frozen fish products as fresh.
On this news, Dingdong's ADS price fell $0.46 per ADS, or 10.82%, to close at $3.79 per ADS on March 17, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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