BENSALEM, Pa.–(BUSINESS WIRE)–Law Offices of Howard G. Smith announces an investigation on behalf of Dada Nexus Limited (“Dada” or the “Company”) (NASDAQ: DADA) investors concerning the Company’s possible violations of federal securities laws.
On January 8, 2024, Dada disclosed that an internal audit had identified “certain suspicious practices” that “may cast doubt on certain revenues from the Company’s online advertising and marketing services in 2023.” The Company estimated that “approximately RMB500 million of revenues from online advertising and marketing services and RMB500 million of operations and support costs may have been overstated, respectively, for the first three quarters of 2023.” Additionally, the Company advised that its previously stated revenue guidance for the fourth quarter and full year of 2023 should “no longer be relied upon.”
On this news, Dada’s stock price fell as much as 39% during intraday trading on January 8, 2024, thereby injuring investors.
If you purchased Dada securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com
