NEW YORK, Aug. 3, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Full Truck Alliance Co. Ltd. ("FTA" or the "Company") (NYSE: YMM). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether FTA and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On or about June 22, 2021, FTA conducted its initial public offering ("IPO"), selling approximately 82.5 million American Depositary Shares ("ADSs") priced at $19.00 per share. Then, on July 5, 2021, FTA issued a press release entitled "Full Truck Alliance Announces Cybersecurity Review in China", announcing that 'pursuant to an announcement issued by the Cybersecurity Review Office ('CRO') of the Cyberspace Administration of China on July 5, 2021, CRO has initiated a cybersecurity review of FTA's Yunmanman apps and Huochebang apps." The press release further revealed that "[i]n order to facilitate the review and prevent the expansion of potential risks, these mobile apps are required to suspend new user registration in China during the review period."
On this news, FTA's stock price fell $1.27 per share, or 6.68%, to close at $17.75 per share on July 6, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm 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.pomerantzlaw.com.