ACCESSWIRE
25 Jan 2023, 08:31 GMT+10
NEW YORK, NY / ACCESSWIRE / January 24, 2023 / Pomerantz LLP is investigating claims on behalf of investors of Full Truck Alliance Co. Ltd. ('Full Truck' or the 'Company') (NYSE:YMM). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Full Truck and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On January 24, 2023, J Capital Research ('J Capital') published a report on Full Truck asserting that the Company 'has the hallmarks of notorious Chinese round-tripping schemes,' opining that its 'transactions might be overstated by 6-10x.' Among other allegations, J Capital stated that '[f]ormer salespeople have told us they set up shell companies to churn bank loans back and forth. These boomerang transactions would create the appearance of rising transaction volumes.' that Full Truck's 'reported revenue and transaction volumes don't line up with tax payments, commission revenue, or basic logic' and that the Company's 'acquisitions look highly suspicious.'
On this news, Full Truck's American Depositary Receipt ('ADR') price fell $0.57 per ADR, or 6.16%, to close at $8.68 per ADR on January 24, 2023.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Contact:
Robert S. Willoughby
Pomerantz LLP
888-476-6529, ext. 7980
newaction@pomlaw.com
SOURCE: Pomerantz LLP
Get a daily dose of Memphis Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Memphis Sun.
More InformationWASHINGTON D.C.: The Biden administration has stopped issuing export licenses to US companies seeking to ship most items to China's ...
Nearly a year in, the war in Ukraine has cost tens of thousands of lives and brought the world to ...
WASHINGTON D.C.: The US House of Representatives has passed a bill that limits the ability of US Energy Secretary Jennifer ...
BOSTON, Massachusetts: Russian businessman Vladislav Klyushin, who has ties to the Kremlin, has been accused of making tens of millions ...
TOKYO, Japan: In light of a tense security environment following Russia's invasion of Ukraine and Moscow's growing military cooperation with ...
DALLAS, Texas: Oil and gas pipeline operators are preparing to stockpile equipment following severe weather forecasts for the next few ...
OSLO, Norway: Ending a three-year run of profits as stock and bond prices were hit by rising inflation and Russia's ...
NEW YORK, New York - Strong economic data failed to stem profit-taking on the major U.S. bourses on Friday, while ...
WASHINGTON D.C.: The US has again asked Mexico to investigate claims that workers at an auto parts facility of American ...
WASHINGTON D.C.: Tesla confirmed this week that the US Justice Department has requested documents related to its Full Self-Driving and ...
TOKYO, Japan: Toyota has announced that it sold 10.5 million vehicles in 2022, maintaining its position as the world's top-selling ...
NEW YORK, New York - Technology stocks had a hay day Thursday with Facebook parent Meta rocketing up nearly 30 ...