LOS ANGELES, Sept. 28, 2020 /PRNewswire/ -- The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired HDFC Bank Limited ("HDFC Bank" or the "Company") (NYSE: HDB) securities between July 31, 2019 and July 10, 2020, inclusive (the "Class Period"). HDFC Bank investors have until November 2, 2020 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On July 13, 2020, media reported that HDFC Bank had "conducted a probe into allegations of improper lending practices and conflicts of interests in its vehicle-financing operations involving the unit's former head."
On this news, HDFC Bank's American depositary receipt price fell $1.37 per share, or nearly 3%, to close at $47.02 per share on July 13, 2020, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) HDFC Bank had inadequate disclosure controls and procedures and internal control over financial reporting; (2) as a result, the Bank maintained improper lending practices in its vehicle-financing operations; (3) accordingly, earnings generated from the Bank's vehicle-financing operations were unsustainable; (4) all the foregoing, once revealed, was foreseeably likely to have a material negative impact on the Bank's financial condition and reputation; and (5) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
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If you purchased HDFC Bank securities during the Class Period, you may move the Court no later than November 2, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased HDFC Bank securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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SOURCE The Law Offices of Frank R. Cruz, Los Angeles