SAN DIEGO, Robbins Geller Rudman & Dowd LLP announces that purchasers of KE Holdings Inc. American Depository Shares (“ADSs”) between August 13, 2020 and December 16, 2021, inclusive (the “Class Period”) have until Monday, February 28, 2022 to seek appointment as lead plaintiff in Chin v. KE Holdings Inc., No. 21-cv-11196. Initiated on December 30, 2021 in the Southern District of New York, the KE class action lawsuit charges KE and certain of its top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the KE Holdings class action lawsuit, please provide your information by clicking here. Lead plaintiff motions for the KE Holdings class action lawsuit must be filed with the court no later than Monday, February 28, 2022.
CASE ALLEGATIONS: KE claims to be the “leading integrated online and offline platform for housing transactions and services in China.”
The KE Holdings class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) defendants inflated KE Holdings’ gross transaction revenue (“GTV”); (ii) defendants inflated KE Holdings’ revenues; (iii) defendants inflated the number of stores and agents using KE Holdings’ platform; and (iv) as a result, defendants’ statements about KE business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On December 16, 2021, Muddy Waters Capital LLC, a research based equity investor, announced that it took a short position in KE because its research showed that KE was overstating the agents and stores on its platforms; its GTV; and its revenues, among other wrongdoings. On this news, KE Holdings’ ADS prices dropped by more than 22%, damaging investors.
THE LEAD PLAINTIFF PROCESS
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased KE Holdings ADSs during the Class Period to seek appointment as lead plaintiff in the KE Holdings class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the KE Holdings class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the KE Holdings class action lawsuit. An investor’s ability to share in any potential future recovery of the KE class action lawsuit is not dependent upon serving as lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP
With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions. Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors that year, more than double the amount recovered by any other securities plaintiffs’ firm.
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