Dada Nexus Limited (DADA)
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.
If you choose to take no action, you can remain an absent class member.
Joining the case through the Portnoy Law website enables investors to learn about their legal claims and take an active role in recovering their losses.
The Portnoy Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
According to the complaint, during the class period, defendants allegedly failed to disclose two critical pieces of information:
- Dada’s revenues from online advertising, marketing services, and operations and support costs were significantly overstated.
- As a consequence, Dada would need to conduct an independent review to determine the financial impact and the extent of suspicious practices that led to the overstatement of revenues and costs.
On December 19, 2023, Dada made a press release announcing the immediate departure of Chairman of the Board, Mr. Lijun Xin, due to personal reasons. Additionally, the CFO would also be resigning immediately for personal reasons.
Then, on January 8, 2024, Dada disclosed that during a routine internal audit, they had identified suspicious practices that raised doubts about certain revenues from the company’s online advertising and marketing services in 2023. Specifically, it was estimated that approximately RMB500 million of revenues from online advertising and marketing services and RMB500 million of operations and support costs may have been overstated for the first three quarters of 2023. Moreover, the revenue guidance provided by the company for the fourth quarter and full year of 2023 should no longer be relied upon until further notice.
