NEW YORK, August 02, 2021--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP ("Scott+Scott"), an international shareholder and consumer rights litigation firm, announces the filing of class action lawsuit against Kanzhun Ltd. ("Kanzhun" or the "Company") (NASDAQ: BZ) and certain of its officers and directors alleging violations of federal securities laws. If you purchased Kanzhun American Depository Shares ("ADSs") between June 11, 2021 and July 2, 2021, inclusive (the "Class Period"), you are encouraged to contact Scott+Scott attorney Joe Pettigrew at email@example.com or 844-818-6982 for more information.
Kanzhun operates an online recruitment platform, BOSS Zhipin, which is a mobile-native product that promotes instant direct chats between employers and job seekers, delivers matching results, and is powered by proprietary artificial intelligence algorithms and big data insights.
The lawsuit alleges, among other things, that the Company made materially false and/or misleading statements and/or failed to disclose that: (1) Kanzhun would face an imminent cybersecurity review by the Cybersecurity Administration of China ("CAC"); (2) the CAC would require Kanzhun to suspend new user registration on its BOSS Zhipin app; (3) Kanzhun needed to "to conduct a comprehensive examination of cybersecurity risks"; (4) Kanzhun needed to "enhance its cybersecurity awareness and technology capabilities;" and (5) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On July 5, 2021, the Company issued a press release stating that it would have to suspend new user registration while the Cybersecurity Administration of China conducted a cybersecurity review of Kanzhun’s BOSS Zhipin app.
On this news, Kanzhun’s ADSs fell $5.79 per ADS, or over 15%, to close at $30.52 per ADS on July 6, 2021.
What You Can Do
If you purchased Kanzhun ADSs between June 11, 2021 and July 2, 2021, and you wish to discuss this lawsuit, please contact attorney Joe Pettigrew at (844) 818-6982, or at firstname.lastname@example.org. The deadline to file for lead plaintiff is September 10, 2021.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, Virginia, California, and Ohio.
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