Investigation of D-MARKET Electronic Services & Trading

D-MARKET Electronic Services & Trading (HEPS) Misstated its Business and Financial Prospects

On July 1, 2021, D-MARKET conducted its initial public offering (“IPO”), selling 62.251 million ADRs at $12 per ADR for more than $783 million in gross proceeds.  However, the Registration Statement filed in support of the IPO failed to disclose that D-MARKET had suffered deeply disappointing financial results in 2021 – before the IPO – and instead represented that the Company was experiencing tremendous revenue and sales growth at the time of the IPO. 

On August 26, 2021, D-MARKET announced its 2Q21 financials results, including a just 5% year-over-year growth in 2Q21, over 90% below the most recent growth highlighted in the Registration Statement.  The Company also noted: “[a]s the second half of the year began, the Turkish e-commerce market has encountered several challenges … includ[ing] the nationwide extension of the bank holiday period during the celebration of Eid al-Adha in July, and the lift-off of lock-down measures as of July 1st, both of which adversely impacted consumer behavior in online shopping.” 

The stock currently trades at just $5.11, a more than 50% decline from the price at which D-MARKET sold its ADRs to investors. 

D-MARKET Electronic Services & Trading (HEPS) shareholders have legal options.  If you own shares of D-MARKET Electronic Services & Trading contact us to learn more about your rights.

All representation is on a contingency fee basis.  Shareholders pay no fees or expenses.

Have You Lost Money In This Company?

If you would like more information about your rights and potential remedies please send us a message.

Having information at your fingertips is easier than ever. Enroll in Robbins LLP’s free investment monitoring service, Stock Watch, for notifications of corporate misconduct impacting the value of your investments, advice on how to hold corporate officers and directors accountable for their misconduct, and to receive information about class action settlements.