YMM.US
id: 895
Full Truck Alliance (YMM) $10.25M Investor Settlement
It is still possible to file a late claim. The court will decide whether to accept late claims or not.
E.D. New York
Court1:21-cv-03903
Case number22 Jun 2021
Class period Start02 Jul 2021
Class period End23 Jul 2024
Claim deadlineFull Truck Alliance (YMM) agreed to settle $10.25 million with investors to end claims over not disclosed cybersecurity setbacks.
- On July 5, 2021, Full Truck Alliance announced a cybersecurity review, leading to a more than 6% $YMM drop.
- FTA was accused of misleading an upcoming cybersecurity review by the CAC for its apps.
- FTA agreed to pay $10.25M to investors to resolve the claims due to this case.
The Full Truck was accused of not revealing to investors about an upcoming cybersecurity review in China for their apps (Yunmanman and Huochebang).
The review required them to stop new user registrations and improve their cybersecurity systems.
When this was finally disclosed, $YMM dropped by over 6%, leading to the lawsuit.
FTA has now decided to resolve all the allegations and pay a $10.25M settlement.
Case Status
Accepting Late Claims
Alleged Offence
Mismanagement,
Misleading Statements,
Omissions
Suspected Party
Directors,
Management
Security Type
Depository Securities (ADS, ADR, GDR)
Trade Direction
Long
Filing date
12 July 2021
Plaintiffs
Pratyush Kohli
Attorneys
The Rosen Law Firm, P.A.
Defendants
Peter Hui Zhang, Simon Chong Cai, Shanshan Guo, Guizhen Ma, Wenjian Dai, Richard Weidong Ji, Jennifer Xinzhe Li, Colleen A. De Vries
Judge
Hon. LaShann DeArcy Hall
Settlement agreement date
2023-09-20
Class wide damages
$265,650,000
Trades matching type
FIFO
+$10,250,000
Cash Settlement Amount