RADNOR, Pennsylvania., July 31, 2021 / PRNewswire / – Law firm Kessler Topaz Meltzer & Check, LLP reminds investors that a securities fraud class action lawsuit has been filed against Kanzhun Limited (NASDAQ: BZ) (“Kanzhun”) on behalf of those who bought or acquired Kanzhun securities Between June 11, 2021 and July 2, 2021, inclusive (the “Class Period”).
Deadline reminder: investors who bought or acquired Kanzhun securities during the Class Action Period may, not later than September 10, 2021, seek to be appointed as principal applicant representative of the group. For more information or to find out how to participate in this dispute, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453; toll free at (844) 887-9500; by e-mail to [email protected]; or click on https://www.ktmc.com/kanzhun-limited-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=kanzhun
Kanzhun operates an online recruiting platform, BOSS Zhipin, which is a mobile native product that promotes instant direct discussions between employers and job seekers, delivers matching results and is powered by artificial intelligence algorithms. owners and big data information.
On June 23, 2021, Kanzhun filed its final prospectus for its IPO on a Form 424B4, which is part of the registration statement. During the IPO, Kanzhun sold approximately 48,000,000 US Depository Shares (“ADS”) to $ 19.00 by ADS.
The complaint alleges that the registration statement did not disclose that the administration of cyberspace from China (“CAC”) positions and discussions with Kanzhun regarding its data security and cybersecurity issues.
The truth was revealed on July 5, 2021, when Kanzhun issued a press release titled “KANZHUN LIMITED Announcements Cybersecurity Review in China“who announced, in part, that Kanzhun” is undergoing a cybersecurity review by the [CAC]. During the review period, the “BOSS Zhipin” application must suspend the registration of new users in China to facilitate the process. ”
As a result of this news, the price of Kanzhun’s ADS dropped $ 5.79 by ADS, i.e. 15%, to close at $ 30.52 by ADS on July 6, 2021, the following trading day.
The complaint alleges that in the registration statement and throughout the period of the appeal, the defendants made false and / or misleading statements and / or failed to disclose that: (1) Kanzhun would face a review of cybersecurity imminent by CAC; (2) CAC would require Kanzhun to suspend registration of new users on its BOSS Zhipin app; (3) Kanzhun needed to “conduct a comprehensive review of cybersecurity risks”; (4) Kanzhun was to “improve its cybersecurity awareness and technological capabilities”; and (5) as a result, the defendants’ statements about its business, operations and prospects were materially false and misleading and / or lacked reasonable basis at all material times.
Kanzhun investors can, not later than September 10, 2021, seek to be appointed as the lead 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 class. A principal plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be named the Principal Plaintiff, the Court must determine that the Class Member’s claim is typical of the claims of other Class Members, and that the Class Member will adequately represent the Class. Your ability to participate in any recovery is not affected by the decision whether or not to serve as the principal applicant.
Kessler Topaz Meltzer & Check, LLP pursues class actions in state and federal courts across the country regarding securities fraud, breach of fiduciary duty, and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force in corporate governance reform and has raised billions of dollars on behalf of institutional and individual investors from United States and all over the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and participate in the recovery of government dollars). 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)
SOURCE Kessler Topaz Meltzer & Check, LLP