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Didi Hit With U.S. Shareholder Suits After China Crackdown (2)

July 7, 2021, 4:49 PM

Didi Global Inc., its directors and underwriters were hit with two U.S. shareholder suits after a Chinese government crackdown sent the ride-hailing company’s shares plummeting shortly after its June 30 initial public offering.

The company, which lost about $15 billion of market value on Tuesday alone, had the second-largest U.S. IPO for a Chinese firm on record, raising $4.4 billion.

Securities class action law firms filed complaints in federal court in New York and Los Angeles late on Tuesday, saying the company failed to disclose ongoing talks it was having with Chinese authorities about its compliance with cybersecurity laws ...

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