The Law Offices of Frank R. Cruz reminds investors of the upcoming November 2, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased HDFC Bank Limited ("HDFC Bank" or the "Company") (NYSE: HDB) securities between July 31, 2019 and July 10, 2020, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
On July 13, 2020, media reported that HDFC Bank had "conducted a probe into allegations of improper lending practices and conflicts of interests in its vehicle-financing operations involving the unit's former head."
On this news, HDFC Bank's American depositary receipt price fell $1.37 per share, or nearly 3%, to close at $47.02 per share on July 13, 2020, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) HDFC Bank had inadequate disclosure controls and procedures and internal control over financial reporting; (2) as a result, the Bank maintained improper lending practices in its vehicle-financing operations; (3) accordingly, earnings generated from the Bank's vehicle-financing operations were unsustainable; (4) all the foregoing, once revealed, was foreseeably likely to have a material negative impact on the Bank's financial condition and reputation; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased or otherwise acquired HDFC Bank securities during the Class Period, you may move the Court no later than November 2, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201030005236/en/