Kessler Topaz Meltzer & Check, LLP reminds investors of D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi a / k / a D-MARKET Electronic Services & Trading d / b / a Hepsiburada (HEPS) that a securities fraud class action movable property has been deposited in their name
RADNOR, PA / ACCESSWIRE / October 30, 2021 / Law firm Kessler Topaz Meltzer & Check, LLP informs investors that a securities class action lawsuit has been filed against D-MARKET Elektronik Hizmetler ve Ticaret Anonim Şirketi a / k / a D-MARKET Electronic Services & Trading d / b / a Hepsiburada (“Hepsiburada”) (NASDAQ: HEPS). The action accuses the company of violations of federal securities laws, including fraudulent omissions and misrepresentation involving its US Certificates of Deposit (“ADR”) in accordance with and / or traceable to the registration statement and to the prospectus (collectively, the “registration statement”) issued in connection with the initial public offering (“IPO”) of Hepsiburada in July 2021. Hepsiburada’s misleading statements regarding their activities, operations and their outlook caused significant losses to investors.
CLICK HERE TO SUBMIT YOUR HEPSIBURADA LOSSES
IF YOU HAVE ANY PROBLEMS TO VIEW THE VIDEO ABOVE, PLEASE CLICK HERE.
MAIN COMPLAINANT DEADLINE: December 20, 2021
CATEGORY PERIOD: In accordance and / or traceable until July 1, 2021 IPO until October 21, 2021
CONTACT A LAWYER TO DISCUSS YOUR RIGHTS:
James Maro, Esq. (484) 270-1453 or toll free (844) 887-9500 or by email at [email protected]
ALLEGED HEPSIBURADA FAULT
Hepsiburada operates an e-commerce platform in Turkey, which is considered “the Amazon of Turkey”. On July 1, 2021, Hepsiburada filed its prospectus on a Form 424B4, which is part of the registration statement. Under the IPO, Hepsiburada sold approximately 62,251,000 ADR at a price of ADR $ 12 and received approximately $ 783 million of proceeds from the Offer. The registration statement touted Hepsiburada’s alleged growth due to “meticulous execution.” The registration statement also touted the increase in gross value of goods (“GMV”), which “refers to the total value of orders / products sold through [the] platform over a period of time, “including shipping costs but excluding other service income and transaction costs.
The truth about Hepsiburada came to light on August 26, 2021, when it announced its financial results for the second quarter of 2021 (the quarter that ended before the IPO closed) showing that earnings before interest, taxes , Depreciation and Amortization, or 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. Margin revenue.” The company also reported a “change in GMV mix in favor of Marketplace”.
Following this news, the price of Hepsiburada’s ADR fell $ 3.05, or 25%, to close at $ 8.97 per ADR on August 26, 2021. At the time the class action lawsuit was filed, Hepsiburada’s ADRs were trading at $ 5.30 per ADR, almost 56% down from the IPO price of $ 12 per ADR.
WHAT CAN I DO?
Hepsiburada investors can, no later than December 20, 2021, seek to be appointed as the principal representative of class claimants through Kessler Topaz Meltzer & Check, LLP or another lawyer, or may choose to do nothing and remain an absent member of the Kessler Topaz Meltzer & Check group , LLP encourages Hepsiburada investors who have suffered losses to contact the company directly for more information.
CLICK HERE TO SUBSCRIBE TO THE CASE
WHO CAN BE A PRINCIPAL APPLICANT?
A principal plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead applicant is usually the investor or small group of investors who have the most significant financial interest and who are also suitable and typical for the proposed investor category. The lead plaintiff chooses a lawyer to represent the lead plaintiff and the class and these lawyers, if approved by the court, are the lead or class advocates. Your ability to participate in any recovery is not affected by the decision whether or not to serve as the principal applicant.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP pursues class actions in state and federal courts across the country and around the world. The company has developed a worldwide reputation for excellence and has recovered billions of dollars for victims of fraud and other malpractice. All of our work is guided by a common goal: to protect investors, consumers, employees and others from fraud, abuse, fault and neglect on the part of companies and trustees. In the end, we were successful if the bad guys pay and you get your holdings back. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information on Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 route du Roi de Prussia
Radnor, Pennsylvania 19087
(844) 887-9500 (toll free)
THE SOURCE: Kessler Topaz Meltzer & Check, LLP
See the source version on accesswire.com: