SAN DIEGO, Sept. 12, 2022 (GLOBE NEWSWIRE) — The class: Law firm for shareholder rights Robbins LLP reminds investors that a shareholder has filed a class action lawsuit on behalf of all persons who bought or otherwise acquired Dingdong Ltd. DDL American Depository Shares (“ADS”) pursuant to or traceable to the Company’s initial public offering in June 2021 (“IPO”) for violating the Securities Act of 1933. Dingdong is recognized as the leading and fastest growing on-demand e-commerce company in China.

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What is it about in this case: dingdong ltd (DDL) has misrepresented the quality of its food

According to the lawsuit, as of June 2021, defendants issued approximately 4.07 million ADS to the investing public at $23.50 per ADS, all pursuant to the registration statement.

According to the registration statement, Dingdong’s mission is to “make fresh food as available to every household as running water”. To achieve this goal, Dingdong is said to have “dedicated itself to a user-centric philosophy,” which is committed to “providing users and households … fresh produce, meat and seafood, and other daily necessities through a convenient and distinguished shopping experience, backed by an extensive Offer to directly provide self-operated frontline fulfillment grid.” Crucially, Dingdong sets itself apart from its competitors by claiming to “procure products primarily from directly upstream sources such as farms and cooperatives”, “applying strict quality controls [its] entire supply chain to ensure product quality [its] users” and rely on its “frontline fulfillment grid and robust, digitized fulfillment capabilities. . . [to] deliver . . . Orders within 30 minutes.”

Unknown to potential investors, however, the registration statement misrepresented Dingdong’s commitment to ensuring the safety and quality of the food it sells in the market. In fact, Dingdong actively disregarded its food safety…