Kanzhun Limited (BZ) Misled the Investing Public Regarding Its Cybersecurity Risks
On July 5, 2021, Kanzhun announced that it was “subject to cybersecurity review by” the Cyberspace Administration of China (“CAC”). During the review period, its Boss Zhipin app is required to suspend new user registration. On this news, shares of Kanzhun’s ADSs fell $5.79, or 15%, to close at $30.52 per ADS on July 6, 2021.
The complaint alleges that the offering documents filed by Kanzhun in support of its June 2021 initial public offering failed to disclose that: (i) Kanzhun would face an imminent cybersecurity review by the “CAC”; (ii) the CAC would require Kanzhun to suspend new user registration of its Boss Zhipin app; (iii) Kanzhun needed to “conduct a comprehensive examination of cybersecurity risks”; (iv) Kanzhun needed to “enhance its cybersecurity awareness and technology capabilities”; and (v) as a result, defendants’ statements about its business, operations, and prospects were materially false and misleading.
If you purchased shares of Kanzhun Limited (BZ) between June 11, 2021 and July 2, 2021, you have until September 10, 2021, to ask the court to appoint you lead plaintiff for the class.
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