Dingdong (Cayman) Limited
|Company Name||Dingdong (Cayman) Limited|
|Class Period||October 24, 2022 to August 25, 2022|
|Lead Plaintiff Motion Deadline||October 24, 2022|
In June 2021, Dingdong conducted its initial public offering (“IPO”), selling approximately 4.07 million American Depository Shares (“ADS”) at $23.50 per ADS.
On March 17, 2022, Beijing News published a report stating that Chinese regulators launched a probe into Dingdong for food safety violations, alleging that the Company “replaced labels on expired vegetables and sold frozen fish products as fresh.”
On this news, Dingdong’s ADS price fell $0.46, or 10.8%, to close at $3.37 per ADS on March 17, 2022, thereby injuring investors.
Since the IPO, the Company’s ADSs have traded as low as $2.51 per share, or 89% below the IPO price.
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