Chinese ride-hailing company, Didi Global, along with its current and former directors and the underwriters of its Nasdaq initial public offering in 2021, are set to face a class action lawsuit in the U.S. District Court for the Southern District of New York. The plaintiffs argue they were defrauded by the defendants; they allege that Didi Global had concealed and disregarded orders from the Cyberspace Administration of China to delay its 2021 listings until cybersecurity and privacy issues were addressed. A request by Didi to dismiss the case was denied.
Several notable law firms are participating in this lawsuit, including Quinn Emanuel, Skadden, Wilson Sonsini, Sullivan & Cromwell, Gibson Dunn, and O’Melveny. They all represent different parties linked to the case.
For more detail on this ongoing legal battle, visit the complete article on Law.com.