Deadline Reminder: Howard G. Smith Law Firms Remind Investors of Looming Deadline in Class Action Against D-MARKET Electronic Services & Trading d / b / a / Hepsiburada (HEPS)
BENSALEM, PA – (COMMERCIAL THREAD) – Howard G. Smith Law Firms Remind Investors 20 December 2021 deadline for filing a petition as principal plaintiff in the case filed on behalf of investors who have purchased D-MARKET Electronic Services & Trading d / b / a / Hepsiburada (“Hepsiburada” or the “Company”) (NASDAQ: HEPS) American Depositary Receipts (âADRâ or âsharesâ) in accordance with and / or traceable to the registration statement and prospectus (collectively, the âRegistration Statementâ) issued in connection with the initial public offering of the Company in July 2021 (âIPOâ or âtheâ Offer â).
Investors experiencing losses on their Hepsiburada investments are encouraged to contact the law firms of Howard G. Smith to discuss their legal rights in this class action lawsuit at 888-638-4847 or by email at [email protected]
On or around July 1, 2021, Hepsiburada completed its IPO, selling approximately 62 million shares at a price of $ 12.00 per share.
On August 26, 2021, Hepsiburada announced its financial results for the second quarter of 2021 – the quarter that ended before the IPO closed – and reported that revenue increased by 5.2%, reflecting “the change of GMV mix in favor of Marketplace”. The company also reported that EBITDA was “negative TRY 188.6 million in the second quarter of 2021, compared to a positive TRY 71.1 million in the second quarter of 2020.. . due to lower gross contribution, mainly due to investments aimed at strengthening our position in electronics, investments aimed at entering high frequency categories as well as increased customer demand for low margin products .
Following this news, the company’s stock price fell $ 3.05, or 25%, to close at $ 8.97 per share on August 26, 2021, on unusually high trading volume.
At the start of this action, the company’s shares were trading at $ 5.30, down nearly 56% from the IPO price of $ 12.00 per share.
The complaint in the action alleges that the registration statement was materially false and misleading and failed to state: (1) that Hepsiburada suffered a sharp deceleration in operational growth and sales during the second quarter of 2021; (2) that, as a result, the Company has launched certain actions to strengthen its competitive position, in particular by investing in the electronic and high frequency categories and by reducing certain categories; (3) that due to the above, Hepsiburada’s revenue and GMV decreased in the second quarter of 2021; and (4) that as a result of the foregoing, the Defendants’ positive statements regarding the business, operations and prospects of the Company were materially misleading and / or lacked reasonable basis.
If you have purchased or otherwise acquired Hepsiburada shares within the framework and / or traceable up to the IPO, you can apply to the Court at the latest 20 December 2021 ask the court to appoint you as the main plaintiff if you meet certain legal conditions. To be a member of the class action, you do not need to take any action at this time; you can retain the services of the lawyer of your choice or take no action and remain an absent member of the class action. If you would like to learn more about this class action lawsuit, or if you have any questions regarding this announcement or your rights or interests in any such matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith , 3070 Bristol Pike, Suite 112, Bensalem, PA 19020, by phone at (215) 638-4847, toll free at (888) 638-4847, or by email at [email protected], or visit our website at www .howardsmithlaw .com.
This press release may be considered an attorney’s advertisement in certain jurisdictions under applicable law and ethical rules.