April 30, 2020 - The case was dismissed.

April 29, 2020 - A notice appealing the court's dismissal was filed.

March 30, 2020 - The court granted the defendants' motion to dismiss.

April 2, 2019 - A motion to dismiss the consolidated amended complaint was filed.

February 22, 2019 - A consolidated amended complaint was filed.

February 20, 2019 - An amended complaint was filed.

August 21, 2018 - An investor in shares of Pinduoduo Inc. (NASDAQ: PDD) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Pinduoduo Inc. in connection with certain allegedly false and misleading statements made in connection with the Company’s July 26, 2018 initial public offering (the “IPO” or the “Offering”).

China based Pinduoduo Inc is an e-commerce company that provides buyers with value-for-money merchandise and fun and interactive shopping experiences. On July 26, 2018, Pinduoduo Inc announced its pricing of its initial public offering (“IPO”). Shares of Pinduoduo Inc. (NASDAQ: PDD) reached $27.54 per share on July 27, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Pinduoduo Inc. (NASDAQ: PDD) common shares pursuant and/or traceable to the Company’s July 26, 2018 initial public offering, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that the Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. The plaintiff alleges that In the Registration Statement and Prospectus issued in connection with Pinduoduo’s IPO, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. More specifically, the plaintiff alleges that the defendants made false and/or misleading statements and/or failed to disclose that Pinduoduo’s controls were ineffective to prevent third-party vendors from selling counterfeit goods on the Company’s online platform, that consequently, Pinduoduo’s revenues and the number of active merchants using its platform were traceable in part to unlawful conduct and thus unsustainable, and that as a result, Pinduoduo’s public statements were materially false and misleading at all relevant times.

On July 31, 2018 and August 1, 2018, media outlets reported that China’s Statement Administration for Market Regulation ordered Shanghai’s Industry and Commerce Bureau to investigate Pinduoduo Inc. after reports that third-party vendors were selling counterfeit goods on Pinduoduo’s group-discounting website.