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360 DigiTech, Inc.

Company Name360 DigiTech, Inc.
Stock SymbolQFIN
Class PeriodApril 30, 2020 to July 07, 2021
Lead Plaintiff Motion DeadlineSeptember 13, 2021

On July 8, 2021, Seeking Alpha reported chatter on social media that the Company's core product offering, the 360 IOU app, has been removed from app stores.

On this news, the Company’s share price fell $7.12, or 21%, to close at $26.02 per share on July 8, 2021.

Then, on July 9, 2021, Seeking Alpha reported that 360 DigiTech confirmed the removal of its 360 IOU app from the Android app store and quoted a Company spokesperson, who disclosed that the Company had "submitted a new rectification plan and stepped up the whole process."

 The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company had been collecting personal information in violation of relevant PRC laws and regulations; (2) accordingly, 360 DigiTech was exposed to an increased risk of regulatory scrutiny and/or enforcement action; and (3) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

 

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