SAN DIEGO, July 20, 2021 /PRNewswire/ -- The Full Truck Alliance class action lawsuit charges Full Truck Alliance Co. Ltd. (NYSE: YMM), certain of its top executives, and the underwriters of Full Truck Alliance's June 2021 initial public offering ("IPO") with violations of the Securities Act of 1933.  The Full Truck Alliance class action lawsuit seeks to represent purchasers of Full Truck Alliance securities pursuant and/or traceable to the registration statement and related prospectus (collectively, the "Registration Statement") issued in connection with Full Truck Alliance's IPO.  The Full Truck Alliance class action lawsuit (Pratyush v. Full Truck Alliance Co. Ltd., No. 21-cv-03903) was commenced on July 12, 2021 in the Eastern District of New York and is assigned to Judge LaShann DeArcy Hall.

If you suffered substantial losses and wish to serve as lead plaintiff of the Full Truck Alliance class action lawsuit, please provide your information by clicking here.  You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected].  Lead plaintiff motions for the Full Truck Alliance class action lawsuit must be filed with the court no later than September 10, 2021.

CASE ALLEGATIONS: The Full Truck Alliance class action lawsuit alleges that Full Truck Alliance's Registration Statement made false and/or misleading statements and/or failed to disclose that: (i) Full Truck Alliance's apps Yunmanman and Huochebang would face an imminent cybersecurity review by the Cyberspace Administration of China ("CAC"); (ii) the CAC would require Full Truck Alliance to suspend new user registration; (iii) Full Truck Alliance needed to conduct a "comprehensive self-examination of any cybersecurity risks"; (iv) Full Truck Alliance needed to "continue to improve its cybersecurity systems and technology capabilities"; and (v) as a result, defendants' public statements were materially false and misleading at all relevant times and negligently prepared.

On July 5, 2021, Full Truck Alliance issued a press release entitled "Full Truck Alliance Announces Cybersecurity Review in China" which announced, in pertinent part, that "pursuant to an announcement issued by the Cybersecurity Review Office ("CRO") of the [CAC] on July 5, 2021, CRO has initiated a cybersecurity review of [Full Truck Alliance]'s Yunmanman apps and Huochebang apps.  In order to facilitate the review and prevent the expansion of potential risks, these mobile apps are required to suspend new user registration in China during the review period."  Full Truck Alliance further revealed that it was "conducting a comprehensive self-examination of any potential cybersecurity risks and will continue to improve its cybersecurity systems and technology capabilities."  On this news, the price of Full Truck Alliance's American Depository Shares fell more than 6%.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Full Truck Alliance securities pursuant and/or traceable to the Registration Statement issued in connection with Full Truck Alliance's IPO to seek appointment as lead plaintiff in the Full Truck Alliance 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 Full Truck Alliance class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Full Truck Alliance class action lawsuit.  An investor's ability to share in any potential future recovery of the Full Truck Alliance 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 last year, more than double the amount recovered by any other securities plaintiffs' firm.  Please visit https://www.rgrdlaw.com/firm.html for more information. 

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Contact:
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, San Diego, CA  92101
J.C. Sanchez, 800-449-4900
[email protected]

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SOURCE Robbins Geller Rudman & Dowd LLP