NEW YORK–(BUSINESS WIRE)–Rosen Law Firm, a global investor rights law firm, announces it is
continuing to investigate potential securities claims on behalf of
shareholders of PPDAI Group Inc. (NYSE:PPDF) resulting from allegations
that PPDAI may have issued materially misleading business information to
the investing public.
PPDAI conducted an initial public offering (“IPO”) in November 2017,
issuing approximately 17 million American Depositary Shares (“ADSs”) to
the investing public at $13 per ADS. Shortly after the IPO, 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. On
this news, PPDAI’s ADS price fell $2.62 per share, or approximately
24.3%, to close at $8.18 per ADS on November 22, 2017.
Further, 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, or
over 25%, over the next few trading days to close at $7.16 per ADS on
December 7, 2017. Currently, PPDAI’s ADSs are trading at approximately
58% below the IPO price.
Rosen Law Firm is preparing a class action lawsuit to recover losses
suffered by PPDAI investors. If you purchased shares of PPDAI please
visit the firm’s website at https://www.rosenlegal.com/cases-1419.html
to join the class action. You may also contact Phillip Kim or Zachary
Halper of Rosen Law Firm toll free at 866-767-3653 or via email at firstname.lastname@example.org
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Rosen Law Firm represents investors throughout the globe, concentrating
its practice in securities class actions and shareholder derivative
litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class
Action Services for number of securities class action settlements in
2017. The firm has been ranked in the top 3 each year since 2013.
Attorney Advertising. Prior results do not guarantee a similar outcome.
The Rosen Law Firm, P.A.
Laurence Rosen, Esq.
Phillip Kim, Esq.
275 Madison Avenue, 34th Floor
York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653