NEW YORK, NY / ACCESSWIRE / January 24, 2023 / Pomerantz LLP is investigating claims on behalf of investors of Full Truck Alliance Co. Ltd. ("Full Truck" or the "Company") (NYSE:YMM). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Full Truck and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On January 24, 2023, J Capital Research ("J Capital") published a report on Full Truck asserting that the Company "has the hallmarks of notorious Chinese round-tripping schemes," opining that its "transactions might be overstated by 6-10x." Among other allegations, J Capital stated that "[f]ormer salespeople have told us they set up shell companies to churn bank loans back and forth. These boomerang transactions would create the appearance of rising transaction volumes."; that Full Truck's "reported revenue and transaction volumes don't line up with tax payments, commission revenue, or basic logic"; and that the Company's "acquisitions look highly suspicious."
On this news, Full Truck's American Depositary Receipt ("ADR") price fell $0.57 per ADR, or 6.16%, to close at $8.68 per ADR on January 24, 2023.
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.
Robert S. Willoughby
888-476-6529, ext. 7980
SOURCE: Pomerantz LLP