This website is maintained by the Claims Administrator retained by and under the supervision of Plaintiffs’ Counsel in the action titled, In re PPDAI Group Inc. Securities Litigation Case No. 1:18-cv-06716-LDH-TAM, which is pending in the United States District Court Eastern District of New York.
The information contained on this website is only a summary of information presented in more detail in the Notice of Pendency and Proposed Settlement of Class Action which you can access by clicking here. Because this website is just a summary, you should review the Notice for additional details.
Please read the Notice carefully. Your rights will be affected by the legal proceedings in this action.
ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED PPDAI GROUP INC. (“PPDAI” OR THE “COMPANY”) AMERICAN DEPOSITORY SHARES (“ADSs”)
FROM NOVEMBER 10, 2017 THROUGH MAY 9, 2018, INCLUSIVELY, INCLUDING THOSE PERSONS THAT PURCHASED OR OTHERWISE ACQUIRED PPDAI ADSs
PURSUANT OR TRACEABLE TO PPDAI’S REGISTRATION STATEMENTS AND PROSPECTUS FOR PPDAI’S NOVEMBER 10, 2017 INITIAL PUBLIC OFFERING
(“IPO”).
IN ORDER TO QUALIFY FOR A SETTLEMENT PAYMENT, YOU MUST TIMELY SUBMIT A PROOF OF CLAIM AND RELEASE FORM (“PROOF OF CLAIM”) BY DECEMBER 2, 2021.
IN ORDER TO QUALIFY FOR A SETTLEMENT PAYMENT, YOU MUST TIMELY SUBMIT A PROOF OF CLAIM AND RELEASE FORM (“PROOF OF CLAIM”) BY DECEMBER 2, 2021.
• If approved by the Court, the Settlement will provide nine million dollars ($9,000,000) (the “Settlement Amount”) gross,
plus interest as it accrues, minus any Court-awarded attorneys’ fees, costs, administrative expenses, and net of any taxes
on interest (the “Settlement Fund”), to pay claims of investors who purchased or acquired PPDAI ADSs during the Settlement
Class Period.
• The estimated average recovery is $0.45 per ADS (before the deduction of any Court-approved fees, expenses, and costs as described herein) for the approximately 20.2 million affected PPDAI ADSs. This is not an estimate of the actual recovery per ADS you should expect. Your actual recovery, if any, will depend on the aggregate losses of all Settlement Class Members, the date(s) you purchased, acquired and sold PPDAI ADSs, the purchase, acquisition and sales prices, and the total number and amount of claims filed.
• Plaintiffs’ Counsel have been prosecuting the Actions on a wholly contingent basis since their inception, have not received any payment of attorneys’ fees for their representation of the Settlement Class, and have advanced the funds to pay expenses necessarily incurred to prosecute the Actions. Plaintiffs’ Counsel will apply to the Court to award attorneys’ fees in an amount not to exceed 33⅓% of the Settlement Fund. In addition, Plaintiffs’ Counsel will seek no more than $110,000 in litigation expenses, as well as an application for reimbursement of the reasonable costs and expenses incurred by Plaintiffs of no more than $2,000 each directly related to their representation of the Settlement Class. The estimated average cost for such fees and expenses, if the Court approves Plaintiffs’ Counsel’s fee and expense application, is $0.15 per affected PPDAI ADS.
• The estimated average recovery is $0.45 per ADS (before the deduction of any Court-approved fees, expenses, and costs as described herein) for the approximately 20.2 million affected PPDAI ADSs. This is not an estimate of the actual recovery per ADS you should expect. Your actual recovery, if any, will depend on the aggregate losses of all Settlement Class Members, the date(s) you purchased, acquired and sold PPDAI ADSs, the purchase, acquisition and sales prices, and the total number and amount of claims filed.
• Plaintiffs’ Counsel have been prosecuting the Actions on a wholly contingent basis since their inception, have not received any payment of attorneys’ fees for their representation of the Settlement Class, and have advanced the funds to pay expenses necessarily incurred to prosecute the Actions. Plaintiffs’ Counsel will apply to the Court to award attorneys’ fees in an amount not to exceed 33⅓% of the Settlement Fund. In addition, Plaintiffs’ Counsel will seek no more than $110,000 in litigation expenses, as well as an application for reimbursement of the reasonable costs and expenses incurred by Plaintiffs of no more than $2,000 each directly related to their representation of the Settlement Class. The estimated average cost for such fees and expenses, if the Court approves Plaintiffs’ Counsel’s fee and expense application, is $0.15 per affected PPDAI ADS.
| YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT | |
|---|---|
| Submit a Proof of Claim and Release Form | Proofs of Claim must be postmarked or received on or before December 2, 2021. This is the only way to get a payment. |
| Exclude Yourself from the Settlement Class | Submit a request for exclusion no later than November 2, 2021. This is the only way you can ever be part of any other lawsuit against the Defendants or the other Released Parties relating to the legal claims in this case. If you exclude yourself, you will receive no payment and cannot object or speak at the hearing. |
| Object | Write to the Court no later than November 2, 2021 about why you do not like the Settlement. You can still submit a Proof of Claim. If the Court approves the Settlement, you will be bound by it. |
| Go to the Hearing | Ask to speak in Court about the fairness of the Settlement at the telephonic hearing on December 16, 2021 at 10:00 am (Dial-In Number: 877-336-1829; Access Code: 3914302). You can still submit a Proof of Claim. If the Court approves the Settlement, you will be bound by it. |
| Do Nothing | Get no payment AND give up your right to bring your own individual action relating to the claims asserted in the Actions. |