NEW YORK, NY / ACCESSWIRE / July 21, 2021 / Pomerantz LLP is investigating claims on behalf of investors of HDFC Bank Limited ("HDFC" or the "Company") (NYSE:HDB). Such investors are advised to contact Robert S. Willoughby at [email protected]or 888-476-6529, ext. 7980.
The investigation concerns whether HDFC and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On July 17, 2021, HDFC issued a press release reporting its financial results for the quarter ended June 30, 2021. Among other results, HDFC reported a decline in its asset quality, disclosing that "[g]ross non-performing assets were at 1.47% of gross advances as on June 30, 2021, (1.3% excluding NPAs in the agricultural segment) as against 1.32% as on March 31, 2021 (1.2% excluding NPAs in the agricultural segment) and 1.36% as on June 30, 2020 (1.2% excluding NPAs in the agricultural segment)."
On this news, HDFC's stock price fell $5.32 per share, or 7.14%, to close at $69.27 per share on July 19, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP