RADNOR, Pa., Sept. 25, 2021 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP announces to investors of Waterdrop Inc. (NYSE: WDH) (“Waterdrop”) that a securities fraud class action lawsuit has been filed in the United States District Court for the Southern District of New York against Waterdrop on behalf of those who purchased or acquired Waterdrop American Depositary Shares (“ADSs”) in or traceable to Waterdrop’s May 2021 initial public offering (the “IPO”).
Lead Plaintiff Deadline: November 15, 2021
James Maro, Esq. (484) 270-1453
Waterdrop operates an insurance technology platform and is based in Beijing, China. On April 16, 2021, Waterdrop filed a registration statement on a Form F-1 for the IPO, which, after an amendment, was declared effective on May 6, 2021 (the “Registration Statement”).
The complaint alleges that the Registration Statement failed to disclose that Waterdrop was engaged in a variety of market abuses used to artificially inflate Waterdrop’s short-term financial results in the lead up to the IPO, including: (1) operating insurance platforms without proper governmental authorizations; (2) mispricing risks for consumers; and (3) illicitly using client information. Indeed, unbeknownst to investors, the reason that Waterdrop had discontinued one of its business segments – the mutual aid segment – was because it had been ordered to do so by Chinese regulators.
Waterdrop investors may, no later than November 15, 2021, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (toll free)