HEPS SHAREHOLDER CLASS ACTION ALERT: Bernstein Liebhard LLP Announces that a Securities Class Action Lawsuit Has Been Filed Against Hepsiburada (D-MARKET Elektronik Hizmetler ve Ticaret Anonim Şirketi a/k/a D-MARKET Electronic Services & Trading)
NEW YORK, Oct. 22, 2021 /PRNewswire/ -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Hepsiburada (D-MARKET Elektronik Hizmetler ve Ticaret Anonim Şirketi a/k/a D-MARKET Electronic Services & Trading) ("Hepsiburada" or the "Company") (NASDAQ: HEPS) from July 1, 2021 through August 26, 2021 (the "Class Period"). The lawsuit filed in the United States District Court for the Central District of California alleges violations of the Securities Act of 1934.
If you purchased Hepsiburada securities, and/or would like to discuss your legal rights and options please visit Hepsiburada Shareholder Class Action Lawsuit or contact Rujul Patel toll free at (877) 779-1414 or [email protected]
According to the complaint, Hepsiburada and the Registration Statement was materially false and misleading and omitted to state: (1) that Hepsiburada suffered a sharp deceleration in operational and sales growth during second quarter 2021; (2) that, as a result, the Company initiated certain actions to fortify its competitive position, including investing in electronics and high frequency categories and discounting certain categories; (3) that, as a result of the foregoing, Hepsiburada's revenue and GMV had declined during second quarter 2021; and (4) 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.
On July 1, 2021, Hepsiburada completed its IPO, selling approximately 62 million shares of common stock for $1200 per share.
On August 26, 2021, Hepsiburada announced its second quarter 2021 financial results —the quarter which had ended before the IPO closed—and reported that revenue grew 5.2%, reflecting "the shift in GMV mix in favor of Marketplace." The Company also reported that EBITDA was "negative TRY 188.6 million in Q2 2021 compared to positive TRY 71.1 million in Q2 2020 . . . due to lower gross contribution driven primarily by investments to fortify our position in electronics, investments to penetrate in high frequency categories as well as higher customer demand for low margin products."
On this news, the Company's share price fell $3.05, or 25%, to close at $8.97 per share on August 26, 2021, on unusually heavy trading volume.
By the commencement of this action, the Company's shares were trading as low as $5.30, a nearly 56% decline from the $12.00 per share IPO price, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than December 21, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Hepsiburada securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/hepsiburada-heps-shareholder-class-action-lawsuit-fraud-stock-447/ or contact Rujul Patel toll free at (877) 779-1414 or [email protected]
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2021 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Rujul Patel
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
[email protected]
SOURCE Bernstein Liebhard LLP
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