PDD(PDD) GlobeNewswire News Room·2024-08-28 16:42Core Viewpoint - A class action securities lawsuit has been filed against PDD Holdings Inc. (formerly Pinduoduo Inc.) alleging securities fraud affecting investors between April 30, 2021, and June 25, 2024 [1][2]. Group 1: Allegations and Impact - The lawsuit claims that PDD's applications contained malware designed to obtain user data without consent, including reading private text messages [2]. - It is alleged that PDD lacks a meaningful system to prevent the sale of goods made by forced labor on its platform and has sold banned products on its Temu platform [2]. - The aforementioned issues have subjected the company to increased legal and political scrutiny, rendering previous statements about its business operations materially false and misleading [2]. Group 2: Legal Process and Participation - Investors who suffered losses during the specified timeframe have until October 15, 2024, to request appointment as lead plaintiff, although participation in any recovery does not require serving as a lead plaintiff [2]. - Class members may be entitled to compensation without any out-of-pocket costs or fees, with no obligation to participate [3]. Group 3: Firm Background - Levi & Korsinsky, LLP has a history of securing hundreds of millions of dollars for shareholders and is recognized as one of the top securities litigation firms in the United States [3].