The law firm of Kessler Topaz Meltzer & Check, LLP reminds investors of Full Truck Alliance Co. Ltd. that a securities fraud class action lawsuit has been filed on behalf of those who purchased or acquired FTA securities pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with FTA’s June 2021 initial public offering (the “IPO”).
FTA purports to, with its subsidiaries, operate a digital freight platform that connects shippers with truckers to facilitate shipments in the People’s Republic of China (“PRC”). It offers freight listing, matching, and brokerage services and online transaction services, as well as various value-added services. Yunmanman and Huochebang were founded in 2013 and 2011, respectively, and both companies were digital freight platforms in the PRC prior to their merger which created FTA in 2017.
The complaint alleges that the Registration Statement contained false and/or misleading statements and/or failed to disclose that: (1) FTA’s Yunmanman and Huochebang apps would face an imminent cybersecurity review by the Cyberspace Administration of China (“CAC”); (2) the CAC would require FTA to suspend new user registration; (3) FTA needed to conduct a “comprehensive self-examination of any cybersecurity risks”; (4) FTA needed to “continue to improve its cybersecurity systems and technology capabilities”; and (5) as a result, the defendants’ public statements were materially false and misleading at all relevant times and negligently prepared.
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (toll free)