D-MARKET/HEPSIBURADA SHAREHOLDER ALERT BY FORMER LOUISIANA ATTORNEY GENERAL: KAHN SWICK & FOTI, LLC REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against D-MARKET Electronic Services & Trading d/b/a Hepsiburada - HEPS
NEW ORLEANS, Oct. 22, 2021 /PRNewswire/ -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have untilDecember 20, 2021 to file lead plaintiff applications in a securities class action lawsuit against D-MARKET Electronic Services & Trading (d/b/a "Hepsiburada") (NasdaqGS: HEPS), if they purchased the Company's American Depositary Receipts ("ADRs") issued in connection with its July 2021 initial public stock offering (the "IPO"). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased shares of D-MARKET as above and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqgs-heps/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by December 20, 2021.
About the Lawsuit
D-MARKET and certain of its executives are charged with failing to disclose material information in its IPO Registration Statement and Prospectus, violating federal securities laws.
On August 26, 2021, the Company disclosed that revenue for 2Q2021 grew only a disappointing 5.2% and that EBITDA was "negative TRY 188.6 million in Q2 2021 compared to positive TRY 71.1 million in Q2 2020 . . . due to lower gross contribution driven primarily by investments to fortify our position in electronics, investments to penetrate in high frequency categories as well as higher customer demand for low margin products."
On this news, the Company's share price fell $3.05, or 25%, to close at $8.97 per share.
The case is Golden Horn Asset and Management Ltd, v. D-MARKET Elektronik Hizmetler ve Ticaret Anonim Şirketi a/k/a D-MARKET Electronic Services & Trading d/b/a/ Hepsiburada, et al., No. 1:21-cv-08634.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.