D-MARKET Electronic Services & Trading (HEPS) $13.9M Investor Settlement

It is still possible to file a late claim. The court will decide whether to accept late claims or not.

S.D. New York

Court

1:21-cv-08634

Case number

01 Jul 2021

Class period Start

23 Nov 2021

Class period End

27 Sept 2023

Claim deadline

D-MARKET Electronic Services & Trading (HEPS) settles $13.9M with Investors.

The Complaint alleges that the Registration Statement was materially false and misleading and omitted to state: 
that Hepsiburada suffered a sharp deceleration in operational and sales growth during the second quarter of 2021; 
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; 
that, as a result of the foregoing, Hepsiburada’s revenue and GMV had declined during the second quarter of 2021; and 
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.

Case Status

Accepting Late Claims

Alleged Offence

Misleading Statements,

Failure to Disclose,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Payout per Share

0.15

Filing date

21 October 2021

Plaintiffs

IWA-Forest Industry Pension Plan

Attorneys

Kaplan Fox & Kilsheimer LLP, Robbins Geller Rudman & Dowd LLP

Defendants

Hanzade Vasfiye Doğan Boyner, Mehmet Murat Emirdağ, Halil Korhan Öz, Erman Kalkandelen, Mehmet Erol Çamur, Cemal Ahmet Bozer, Vuslat Doğan Sabanci, Mustafa Aydemir, Tolga Babali, Tayfun Bayazit

Judge

Hon. P. Kevin Castel

Administrator

Gilardi & Co LLC

Court hearing date

01 August 2023

Exclusion deadline

10 July 2023

Objection deadline

18 July 2023

Hearing deadline

18 July 2023

Trades matching type

FIFO

+$13,900,000

Cash Settlement Amount