NEW YORK–(BUSINESS WIRE)–Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against D-Market Electronic Services & Trading (“D-Market” or the “Company”) (NASDAQ: HEPS) in the United States District Court for the Southern District of New York on behalf of all persons and entities who purchased or otherwise acquired D-Market securities pursuant and/or traceable to the July 1, 2021 Initial Public Offering (“IPO”). Investors have until December 20, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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The Complaint alleges that the Registration Statement and Prospectus for the IPO (collectively, the “Registration Statement”) were materially false and misleading because they failed to disclose the following adverse facts that existed at the time of the IPO: (1) D-Market had suffered a sharp deceleration in operational and sales growth as consumers retreated from e-commerce offerings in 2Q21; (2) D-Market’s revenue growth had decreased to just 5% year-over-year growth in 2Q21, over 90% below the most recent growth rate highlighted in the Registration Statement; (3) D-Market’s GMV growth had decreased to just 38% year-over-year growth in 2Q21, less than half the most recent growth rate highlighted in the Registration Statement; and (4) as a result of the foregoing, at the time of the IPO, the Company’s business and financial prospects were not as strong as represented in the IPO Registration Statement.
If you purchased or otherwise acquired D-Market shares and suffered a loss, are a long-term stockholder, have information, 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 Brandon Walker or Alexandra Raymond by email at email@example.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.