NEW YORK, Oct. 28, 2021 (GLOBE NEWSWIRE) -- Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, announces the filing of a class action lawsuit against Waterdrop Inc. (“Waterdrop” or the “Company”) (NASDAQ: WDH) and other defendants, alleging violations of federal securities laws. If you purchased Waterdrop American Depositary Shares (“shares”) since May 7, 2021, and have suffered a loss, realized or unrealized, you are encouraged to contact Scott+Scott attorney Rhiana Swartz at (844) 818-6980, or at email@example.com for more information. The deadline for lead plaintiff motions is November 15, 2021.
Waterdrop operates an insurance technology platform and is based in Beijing, China. The Company held its initial public offering (“IPO”) in the U.S. on or about May 7, 2021, at a price of $12 per share.
The lawsuit alleges that the Company and other defendants misled investors in the IPO; specifically, they 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.
On September 13, 2021, the day before the lawsuit was filed, Waterdrop shares fell to a low of just $3 per share, which is 75% below the $12 IPO price.
What You Can Do
If you purchased Waterdrop shares, and you wish to discuss this lawsuit, please contact attorney Rhiana Swartz at (844) 818-6980, or at firstname.lastname@example.org.
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.