360 DigiTech, Inc. (QFIN) Made False and Misleading Statements Regarding its Business, Operations, and Prospects
During the relevant period, defendants touted the Company’s dedication to privacy protections and data security of its borrowers’ information. The truth, however, was that the Company had been collecting personal information in violation of relevant Chinese laws and regulations and therefore, was exposed to an increased risk of regulatory scrutiny and/or enforcement actions.
On July 8, 2021, reports circulated on social media that the Company’s core product – the 360 IOU app, had been removed from major app stores. On this news, 360 DigiTech’s stock fell $7.12 per share, or 21.48%, to close at $26.02 on July 8, 2021. Then, on July 9, Seeking Alpha reported that 360 DigiTech confirmed the removal of the 360 IOU app from the Andriod app store.
If you purchased shares of 360 DigiTech, Inc. (QFIN) between April 30, 2020 and July 7, 2021, you have until September 13, 2021, to ask the court to appoint you lead plaintiff for the class.
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