This case was last updated from PACER on 11/08/2021 at 09:13:04 (UTC).

Hechler v. Didi Global Inc. et al

Case Summary

On September 8, 2021, Cory Hechler (“Plaintiff”), individually and on behalf of all others similarly situated, represented by Gary Steven Graifman of Kantrowitz Goldhamer & Graifman, P.C., filed a civil action against DiDi Global Inc. f/k/a Xiaoju Kuaizhi Inc. (“DiDi” or the “Company”), Will Wei Cheng (“Cheng”), Alan Yue Zhuo (“Zhuo”), Jean Qing Liu (“Liu”), Stephen Jingshi Zhu (“Zhu”), and others, (collectively, the “Defendants”), seeking compensatory relief including interest, cost and expenses, for allegedly issuing materially false and misleading registration statement and prospectus (collectively, the “Registration Statement”) in connection with the Company’s June 2021 initial public offering (“IPO” or the “Offering”). This case was filed in the U.S. District Court in the Southern District of New York. 

 

In the complaint, Plaintiff alleged that, “On June 30, 2021, the Company filed its prospectus on Form 424B4 with the SEC, which was incorporated into the Registration Statement. In its IPO, the Company sold approximately 316,800,000 shares priced at $14.00 per share. Four (4) ADSs represent one (10 DiDi Class A ordinary share. The Company was paid approximately $4,331.6 million for the shares after underwriting discounts and commissions.”

 

Plaintiff further alleged that, “The Registration Statement was materially false and misleading and omitted to state material adverse facts. 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: (1) that DiDi’s apps did not comply with applicable laws and regulations governing privacy protection and the collection of personal information within the PRC; (2) that prior to the IPO DiDi was advised by the CAC to postpone its IPO because of its collection and storage of personal information of its users in violation of PRC law; (3) that enforcement of PRC law would have a material adverse effect on its financial results and operations going forward; and (4) Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.”

 

Plaintiff lists out three claims for relief. The first claim is against all defendants for violation of Section 11 of the Securities Act, and the second claim is against the individual defendants for Violation of Section 15 of the Securities Act. 

 

In its prayer for relief, the plaintiff requested the court to determine that this action is a proper class action. The plaintiff requested for award of compensatory damages in favor of Plaintiff and the other Class members against all defendants, jointly and severally, for all damages sustained as a result of Defendants’ wrongdoing, in an amount to be proven at trial, including interest thereon. Further, the plaintiff requested the court award the plaintiff reasonable costs and expenses incurred in this action, including counsel fees and expert fees and such other and further relief as the court may deem just and proper.

 

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Case Details Parties Documents Dockets

 

Case Details

  • Case Number:

    1:21-CV-07550

  • Filing Date:

    09/09/2021

  • Case Status:

    Pending - Other Pending

  • Case Type:

    Finance - Security/Commodity/Exchange

Judge Details

Presiding Judge

Lewis A. Kaplan

 

Party Details

Plaintiff

CORY HECHLER

Defendants

DIDI GLOBAL INC. F/K/A XIAOJU KUAIZHI INC.

WILL WEI CHENG

ALAN YUE ZHUO

JEAN QING LIU

STEPHEN JINGSHI ZHU

ZHIYI CHEN

Martin Chi Ping Lau

KENTARO MATSUI

Adrian Perica

DANIEL YONG ZHANG

Goldman Sachs (Asia) LLC

Morgan Stanley & Co. LLC

J.P. Morgan Securities LLC

BofA Securities, Inc.

Barclays Capital Inc.

China Renaissance Securities (Hong Kong) Limited

China International Capital Corporation Hong Kong Securities Limited

Citigroup Global Markets Inc

GUOTAI JUNAN SECURITIES (HONG KONG) LIMITED

12 More Parties Available

Attorney/Law Firm Details

Plaintiff Attorney

Gary Steven Graifman

Attorney at Kantrowitz Goldhamer & Graifman, P.C.

747 Chestnut Ridge Road

Chestnut Ridge, NY 10977

Other Attorneys

Michael Charles Griffin

Attorney at Skadden, Arps, Slate, Meagher & Flom LLP

One Manhattan West

New York, NY 10001-8602

Renita Sharma

Attorney at Quinn Emanuel Urquhart & Sullivan LLP

51 Madison Avenue, 22Nd Floor

New York, NY 10010

Richard Corey Worcester

Attorney at Quinn Emanuel Urquhart & Sullivan LLP

51 Madison Avenue, 22Nd Floor

New York, NY 10010

Robert Alexander Fumerton

Attorney at Skadden, Arps, Slate, Meagher & Flom LLP

One Manhattan West

New York, NY 10001-8602

Scott D. Musoff

Attorney at Skadden, Arps, Slate, Meagher & Flom LLP

One Manhattan West

New York, NY 10001-8602

 

Court Documents

1 #1

Main Document

1 #1

Affidavit (Certification of Cory Hechler)

#2

#3

#4

(#4) ELECTRONIC SUMMONS ISSUED as to BOCCI ASIA LIMITED, Barclays Capital Inc., Bocom International Securities Limited, BofA Securities, Inc., CCB International Capital Limited, CLSA Limited, CMB International Capital Limited, Zhiyi Chen, Will Wei Cheng, China International Capital Corporation Hong Kong Securities Limited, China Renaissance Securities (Hong Kong) Limited, Citigroup Global Markets Inc, Didi Global Inc., Futu Inc., Goldman Sachs (Asia) LLC, Guotai Junan Securities (Hong Kong) Limited, HSBC Securities (USA) Inc, ICBC International Securities Limited, J.P. Morgan Securities LLC, Martin Chi Ping Lau, Jean Qing Liu, Kentaro Matsui, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, Adrian Perica, Tiger Brokers (NZ) Limited, UBS Securities LLC, Daniel Yong Zhang, Stephen Jingshi Zhu, Alan Yue Zhuo..(jgo) (Entered: 09/10/2021)

#5

No Description Available

#6

No Description Available

#7

No Description Available

#8

No Description Available

#9

No Description Available

#10

(#10) NOTICE OF APPEARANCE by Scott D. Musoff on behalf of Didi Global Inc...(Musoff, Scott) (Entered: 09/17/2021)

#11

(#11) NOTICE OF APPEARANCE by Robert Alexander Fumerton on behalf of Didi Global Inc...(Fumerton, Robert) (Entered: 09/17/2021)

#12

(#12) NOTICE OF APPEARANCE by Michael Charles Griffin on behalf of Didi Global Inc...(Griffin, Michael) (Entered: 09/17/2021)

#13

(#13) RULE 7.1 CORPORATE DISCLOSURE STATEMENT. Identifying Other Affiliate SoftBank Group Corp., Other Affiliate Uber International C.V.,, Other Affiliate SVF XKI Subco (Singapore) Pte Ltd., Other Affiliate Uber Technology, Inc. for Didi Global Inc.. Document filed by Didi Global Inc...(Worcester, Richard) (Entered: 09/20/2021)

#14

(#14) ORDER: terminating as moot (19) Letter Motion to Consolidate Cases; terminating as moot (19) Motion to Appoint; terminating as moot (19) Motion to Appoint Counsel; terminating as moot (27) Letter Motion to Consolidate Cases; terminating as moot (27) Motion to Appoint; terminating as moot (27) Motion to Appoint Counsel; terminating as moot (33) Letter Motion to Consolidate Cases; terminating as moot (33) Motion to Appoint; terminating as moot(33) Motion to Appoint Counsel; terminating as moot (5) Letter Motion to Consolidate Cases; terminating as moot(5) Motion to Appoint; terminating as moot (5) Motion to Appoint Counsel in case 1:21-cv-05807-LAK. ORDERED as follows: The Securities Class Actions are consolidated for all purposes including, but not limited to, discovery, pretrial proceedings and trial proceedings pursuant to Fed. R. Civ. P. 42(a). The docket in Case No. 1:21-CV-05807-LAK shall constitute the Master Docket for this action. Every pleading filed in the consolidated action shall bear the following caption: As set forth herein. The file m civil action no. 1:21-CV-05807-LAK shall constitute a master file for every action in the consolidated action. When the document being filed pertains to all actions, the phrase "All Actions" shall appear immediately after the phrase "This Document Relates To:". When a pleading applies to some, but not all, of the actions, the document shall list, immediately after the phrase "This Document Relates To:", the docket number for each individual action to which the document applies, along with the last name of the first-listed plaintiff in said action. Movant's choice of counsel is approved and, accordingly, The Rosen Law Firm, P.A. is appointed as Lead Counsel. This order grants Dkt. 11. The Clerk shall terminate as moot Dkts. 5, 16, 19, 27 and 33. And as set forth herein. SO ORDERED.. (Signed by Judge Lewis A. Kaplan on 10/12/2021) Filed In Associated Cases: 1:21-cv-05807-LAK, 1:21-cv-05973-LAK, 1:21-cv-06603-LAK, 1:21-cv-07550-LAK (ama) (Entered: 10/12/2021)

#15

(#15) STIPULATION AND ORDER REGARDING TIME TO FILE CONSOLIDATED AMENDED COMPLAINT AND MOTION TO DISMISS: NOW, THEREFORE, IT IS HEREBY STIPULATED AND AGREED, subject to the Court's approval: 1. Lead Plaintiff shall file an amended consolidated complaint (the Amended Complaint") on or before January 7, 2022. 2. Defendant shall answer or otherwise respond to Lead Plaintiff's Amended Complaint by March 8, 2022. 3. If Defendant moves to dismiss the Amended Complaint, Lead Plaintiff shall file any opposition to such motion on or before May 9, 2022, and Defendant shall file any reply in support of such motion on or before June 23, 2022. SO ORDERED. (Amended Pleadings due by 1/7/2022, Responses due by 5/9/2022, Replies due by 6/23/2022.) (Signed by Judge Lewis A. Kaplan on 10/22/2021) Filed In Associated Cases: 1:21-cv-05807-LAK, 1:21-cv-05973-LAK, 1:21-cv-06603-LAK, 1:21-cv-07550-LAK (ate) (Entered: 10/22/2021)

5 More Documents Available
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Docket Entries

  • 10/22/2021
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  • Docket(#15) STIPULATION AND ORDER REGARDING TIME TO FILE CONSOLIDATED AMENDED COMPLAINT AND MOTION TO DISMISS: NOW, THEREFORE, IT IS HEREBY STIPULATED AND AGREED, subject to the Court's approval: 1. Lead Plaintiff shall file an amended consolidated complaint (the Amended Complaint") on or before January 7, 2022. 2. Defendant shall answer or otherwise respond to Lead Plaintiff's Amended Complaint by March 8, 2022. 3. If Defendant moves to dismiss the Amended Complaint, Lead Plaintiff shall file any opposition to such motion on or before May 9, 2022, and Defendant shall file any reply in support of such motion on or before June 23, 2022. SO ORDERED. (Amended Pleadings due by 1/7/2022, Responses due by 5/9/2022, Replies due by 6/23/2022.) (Signed by Judge Lewis A. Kaplan on 10/22/2021) Filed In Associated Cases: 1:21-cv-05807-LAK, 1:21-cv-05973-LAK, 1:21-cv-06603-LAK, 1:21-cv-07550-LAK (ate) (Entered: 10/22/2021)

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  • 10/12/2021
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  • Docket(#14) ORDER: terminating as moot (19) Letter Motion to Consolidate Cases; terminating as moot (19) Motion to Appoint; terminating as moot (19) Motion to Appoint Counsel; terminating as moot (27) Letter Motion to Consolidate Cases; terminating as moot (27) Motion to Appoint; terminating as moot (27) Motion to Appoint Counsel; terminating as moot (33) Letter Motion to Consolidate Cases; terminating as moot (33) Motion to Appoint; terminating as moot(33) Motion to Appoint Counsel; terminating as moot (5) Letter Motion to Consolidate Cases; terminating as moot(5) Motion to Appoint; terminating as moot (5) Motion to Appoint Counsel in case 1:21-cv-05807-LAK. ORDERED as follows: The Securities Class Actions are consolidated for all purposes including, but not limited to, discovery, pretrial proceedings and trial proceedings pursuant to Fed. R. Civ. P. 42(a). The docket in Case No. 1:21-CV-05807-LAK shall constitute the Master Docket for this action. Every pleading filed in the consolidated action shall bear the following caption: As set forth herein. The file m civil action no. 1:21-CV-05807-LAK shall constitute a master file for every action in the consolidated action. When the document being filed pertains to all actions, the phrase "All Actions" shall appear immediately after the phrase "This Document Relates To:". When a pleading applies to some, but not all, of the actions, the document shall list, immediately after the phrase "This Document Relates To:", the docket number for each individual action to which the document applies, along with the last name of the first-listed plaintiff in said action. Movant's choice of counsel is approved and, accordingly, The Rosen Law Firm, P.A. is appointed as Lead Counsel. This order grants Dkt. 11. The Clerk shall terminate as moot Dkts. 5, 16, 19, 27 and 33. And as set forth herein. SO ORDERED.. (Signed by Judge Lewis A. Kaplan on 10/12/2021) Filed In Associated Cases: 1:21-cv-05807-LAK, 1:21-cv-05973-LAK, 1:21-cv-06603-LAK, 1:21-cv-07550-LAK (ama) (Entered: 10/12/2021)

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  • 10/12/2021
  • DocketCONSOLIDATED MEMBER CASE: Create association to 1:21-cv-05807-LAK.. (ama) (Entered: 10/12/2021)

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  • 09/20/2021
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  • Docket(#13) RULE 7.1 CORPORATE DISCLOSURE STATEMENT. Identifying Other Affiliate SoftBank Group Corp., Other Affiliate Uber International C.V.,, Other Affiliate SVF XKI Subco (Singapore) Pte Ltd., Other Affiliate Uber Technology, Inc. for Didi Global Inc.. Document filed by Didi Global Inc...(Worcester, Richard) (Entered: 09/20/2021)

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  • 09/20/2021
  • DocketMagistrate Judge Debra C. Freeman is so redesignated. (vba) (Entered: 09/20/2021)

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  • 09/20/2021
  • DocketNOTICE OF CASE REASSIGNMENT to Judge Lewis A. Kaplan. Judge Kenneth M. Karas is no longer assigned to the case. (vba) (Entered: 09/20/2021)

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  • 09/20/2021
  • DocketCASE ACCEPTED AS RELATED. Create association to 1:21-cv-05807-LAK. Notice of Assignment to follow. (vba) (Entered: 09/20/2021)

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  • 09/17/2021
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  • Docket(#12) NOTICE OF APPEARANCE by Michael Charles Griffin on behalf of Didi Global Inc...(Griffin, Michael) (Entered: 09/17/2021)

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  • 09/17/2021
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  • Docket(#11) NOTICE OF APPEARANCE by Robert Alexander Fumerton on behalf of Didi Global Inc...(Fumerton, Robert) (Entered: 09/17/2021)

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  • 09/17/2021
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  • Docket(#10) NOTICE OF APPEARANCE by Scott D. Musoff on behalf of Didi Global Inc...(Musoff, Scott) (Entered: 09/17/2021)

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6 More Docket Entries
  • 09/10/2021
  • DocketNOTICE OF CASE REASSIGNMENT to Judge Kenneth M. Karas. Judge Philip M. Halpern is no longer assigned to the case. (vba) (Entered: 09/10/2021)

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  • 09/10/2021
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  • Docket(#4) ELECTRONIC SUMMONS ISSUED as to BOCCI ASIA LIMITED, Barclays Capital Inc., Bocom International Securities Limited, BofA Securities, Inc., CCB International Capital Limited, CLSA Limited, CMB International Capital Limited, Zhiyi Chen, Will Wei Cheng, China International Capital Corporation Hong Kong Securities Limited, China Renaissance Securities (Hong Kong) Limited, Citigroup Global Markets Inc, Didi Global Inc., Futu Inc., Goldman Sachs (Asia) LLC, Guotai Junan Securities (Hong Kong) Limited, HSBC Securities (USA) Inc, ICBC International Securities Limited, J.P. Morgan Securities LLC, Martin Chi Ping Lau, Jean Qing Liu, Kentaro Matsui, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, Adrian Perica, Tiger Brokers (NZ) Limited, UBS Securities LLC, Daniel Yong Zhang, Stephen Jingshi Zhu, Alan Yue Zhuo..(jgo) (Entered: 09/10/2021)

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  • 09/10/2021
  • DocketCase Designated ECF. (jgo) (Entered: 09/10/2021)

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  • 09/10/2021
  • DocketMagistrate Judge Paul E. Davison is so designated. Pursuant to 28 U.S.C. Section 636(c) and Fed. R. Civ. P. 73(b)(1) parties are notified that they may consent to proceed before a United States Magistrate Judge. Parties who wish to consent may access the necessary form at the following link: #https://nysd.uscourts.gov/sites/default/files/2018-06/AO-3.pdf. (jgo) (Entered: 09/10/2021)

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  • 09/10/2021
  • DocketCASE OPENING INITIAL ASSIGNMENT NOTICE: The above-entitled action is assigned to Judge Philip M. Halpern. Please download and review the Individual Practices of the assigned District Judge, located at #https://nysd.uscourts.gov/judges/district-judges. Attorneys are responsible for providing courtesy copies to judges where their Individual Practices require such. Please download and review the ECF Rules and Instructions, located at #https://nysd.uscourts.gov/rules/ecf-related-instructions..(jgo) (Entered: 09/10/2021)

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  • 09/10/2021
  • Docket***NOTICE TO ATTORNEY REGARDING PARTY MODIFICATION. Notice to attorney Gary Steven Graifman. The party information for the following party/parties has been modified: CORY HECHLER; DIDI GLOBAL INC. F/K/A XIAOJU KUAIZHI INC.; WILL WEI CHENG; ALAN YUE ZHUO; JEAN QING LIU; STEPHEN JINGSHI ZHU; ZHIYI CHEN; KENTARO MATSUI; DANIEL YONG ZHANG; GUOTAI JUNAN SECURITIES (HONG KONG) LIMITED; BOCCI ASIA LIMITED; BOCOM INTERNATIONAL SECURITIES LIMITED; CB INTERNATIONAL CAPITAL LIMITED. The information for the party/parties has been modified for the following reason/reasons: party name was entered in all caps; party text was omitted;. (jgo) (Entered: 09/10/2021)

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  • 09/10/2021
  • Docket***NOTICE TO ATTORNEY REGARDING CIVIL CASE OPENING STATISTICAL ERROR CORRECTION: Notice to attorney Gary Steven Graifman. The following case opening statistical information was erroneously selected/entered: Office code Foley Square; County code New York;. The following correction(s) have been made to your case entry: the Office code has been modified to White Plains; the County code has been modified to XX Out of State;. (jgo) (Entered: 09/10/2021)

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  • 09/09/2021
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  • Docket(#3) CIVIL COVER SHEET filed..(Graifman, Gary) (Entered: 09/09/2021)

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  • 09/09/2021
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  • Docket(#2) REQUEST FOR ISSUANCE OF SUMMONS as to DIDI GLOBAL INC. F/K/A XIAOJU KUAIZHI INC., WILL WEI CHENG, ALAN YUE ZHUO, JEAN QING LIU, STEPHEN JINGSHI ZHU, ZHIYI CHEN, MARTIN CHI PING LAU, KENTARO MATSUI, ADRIAN PERICA, DANIEL YONG ZHANG, GOLDMAN SACHS (ASIA) L.L.C., MORGAN STANLEY & CO. LLC, J.P. MORGAN SECURITIES LLC, BOFA SECURITIES, INC., BARCLAYS CAPITAL INC., CHINA RENAISSANCE SECURITIES (HONG KONG) LIMITED, CHINA INTERNATIONAL CAPITAL CORPORATION HONG KONG SECURITIES LIMITED, CITIGROUP GLOBAL MARKETS INC., GUOTAI JUNAN SECURITIES (HONG KONG) LIMITED, HSBC SECURITIES (USA) INC., UBS SECURITIES LLC, BOCCI ASIA LIMITED, BOCOM INTERNATIONAL SECURITIES LIMITED, CCB INTERNATIONAL CAPITAL LIMITED, CLSA LIMITED, CMB INTERNATIONAL CAPITAL LIMITED, FUTU INC., ICBC INTERNATIONAL SECURITIES LIMITED, MIZUHO SECURITIES USA LLC, and TIGER BROKERS (NZ) LIMITED,, re: #1 Complaint,,,,. Document filed by CORY HECHLER..(Graifman, Gary) (Entered: 09/09/2021)

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  • 09/09/2021
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  • Docket(#1) COMPLAINT against BOCCI ASIA LIMITED, BOCOM INTERNATIONAL SECURITIES LIMITED, Barclays Capital Inc., BofA Securities, Inc., CCB INTERNATIONAL CAPITAL LIMITED, ZHIYI CHEN, WILL WEI CHENG, CLSA Limited, CMB International Capital Limited, China International Capital Corporation Hong Kong Securities Limited, China Renaissance Securities (Hong Kong) Limited, Citigroup Global Markets Inc, DIDI GLOBAL INC. F/K/A XIAOJU KUAIZHI INC., FUTU INC., GUOTAI JUNAN SECURITIES (HONG KONG) LIMITED, Goldman Sachs (Asia) LLC, HSBC Securities (USA) Inc, ICBC International Securities Limited, J.P. Morgan Securities LLC, JEAN QING LIU, Martin Chi Ping Lau, KENTARO MATSUI, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, Adrian Perica, Tiger Brokers (NZ) Limited, UBS Securities LLC, DANIEL YONG ZHANG, STEPHEN JINGSHI ZHU, ALAN YUE ZHUO. (Filing Fee $ 402.00, Receipt Number ANYSDC-25040417)Document filed by CORY HECHLER. (Attachments: #1 Affidavit (Certification of Cory Hechler)).(Graifman, Gary) (Entered: 09/09/2021)

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