Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $50,000 In D-Market To Contact Him Directly To Discuss Their Options
New York, New York--(Newsfile Corp. - November 26, 2021) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against D-Market Electronic Services ("D-Market" or the "Company") (NASDAQ: HEPS) and reminds investors of the December 20, 2021 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $50,000 investing in D-Market stock or options purchased or otherwise acquired D-MARKET pursuant or traceable to the Company's July 1, 2021 initial public stock offering (the "IPO") and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/HEPS.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose:
(1) that Hepsiburada suffered a sharp deceleration in operational and sales growth during second quarter 2021; (2) that, as a result, the Company initiated certain actions to fortify its competitive position, including investing in electronics and high frequency categories and discounting certain categories; (3) that, as a result of the foregoing, Hepsiburada's revenue and GMV had declined during second quarter 2021; and (4) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
On August 26, 2021, Hepsiburada announced its second quarter 2021 financial results-the quarter which had ended before the IPO closed-reporting that revenue grew 5.2%, reflecting "the shift in GMV mix in favor of Marketplace." The Company also reported that EBITDA was "negative TRY 188.6 million in Q2 2021 compared to positive TRY 71.1 million in Q2 2020 . . . due to lower gross contribution driven primarily by investments to fortify our position in electronics, investments to penetrate in high frequency categories as well as higher customer demand for low margin products."
On this news, the Company's ADR price fell $3.05, or 25%, to close at $8.97 per ADR on August 26, 2021, on unusually heavy trading volume.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding D-Market's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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