SHAREHOLDER ALERT: Bronstein, Gewirtz & Grossman, LLC Announces Investigation of PPDAI Group, Inc. (PPDF)
NEW YORK, Sept. 26, 2018 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of PPDAI Group, Inc. ("PPDAI" or the "Company") (NYSE: PPDF). Such investors are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/ppdf.
The investigation concerns whether PPDAI and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On or around November 10, 2017, PPDAI conducted an initial public offering (the "IPO"), issuing approximately 17 million American Depositary Shares ("ADSs") to the investing public at $13 per share. On November 21, 2017, Chinese regulators issued an administrative order banning the issuance of new online peer-to-peer licenses, citing improper and illegal practices by companies such as PPDAI, including extremely high interest rates, illegal collections, and lack of risk management. Following this news, PPDAI's ADS price fell $2.62 per share, or 24.3%, to close at $8.18 per share on November 22, 2017. Then, on December 1, 2017, Chinese regulators issued another order, outlining specific guidelines meant to correct improper practices among online lenders such as PPDAI, including, among other things, a 36% cap on annualized interest or fees charged on lending products, enhanced risk management requirements, and stricter restrictions on aggressive collection practices. On this news, PPDAI's ADS price fell $2.44 per share, or 25.4%, over the following trading sessions, closing at $7.16 per share on December 7, 2017.
If you are aware of any facts relating to this investigation, or purchased PPDAI shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/ppdf. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
SOURCE Bronstein, Gewirtz & Grossman, LLC
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