A class-action lawsuit has been launched against Chinese ride-hailing giant, Didi Global, its current and former directors, and the underwriters to its Nasdaq initial public offering in 2021. The lawsuit is being handled in the U.S. District Court in the Southern District of New York.
The plaintiffs accuse the defendants of defrauding them by concealing and disregarding directives from the Cyberspace Administration of China. According to the lawsuit, the Chinese administrative body advised Didi to postpone its 2021 listing until it resolved cybersecurity and privacy concerns. However, Didi countered these allegations and sought to have the case dismissed.
Among the high-profile firms representing various parties in the lawsuit are Quinn Emanuel, Skadden, Wilson Sonsini, Sullivan & Cromwell, Gibson Dunn and O’Melveny.
For more details on this ongoing case, see the full report on Law.com.