Dada Nexus Limited

USDC – Central District of California

january 24, 2024

CLASS PERIOD: MAy 11, 2023 – January 8, 2024

Join Investigation

Principle Contacts

Laurence D. King

DADA Investor Alert: Kaplan Fox & Kilsheimer LLP Notifies Dada Nexus Limited Investors of a Class Action Lawsuit and Upcoming Deadline

Kaplan Fox & Kilsheimer LLP reminds investors that a complaint has been filed on behalf of purchasers or acquirers of the securities of Dada Nexus Limited (“Dada” or the “Company”) (NASDAQ: DADA) between May 11, 2023 and January 8, 2024, inclusive (the “Class Period”). Click Here to Join the Action.

If you acquired Dada securities during the Class Period and would like to discuss our investigation, please click here or contact us by emailing or by calling (646) 315-9003.

On December 19, 2023, Dada announced that Lijun Xin and Beck Zhaoming Chen would both resign immediately from their respective roles as Chairman of the Company’s Board and Chief Financial Officer, citing personal reasons.

Then, on January 8, 2024, before the market opened, Dada disclosed in a U.S. Securities and Exchange Commission filing “that, in the course of its routine internal audit, certain suspicious practices were identified that may cast doubt on certain revenues from the Company’s online advertising and marketing services in 2023.” The Company further stated that “[b]ased on its preliminary assessment, and subject to the findings from the Independent Review as explained below, the Company currently estimates that approximately RMB500 million of revenues from online advertising and marketing services and RMB500 million of operations and support costs may have been overstated, respectively, for the first three quarters of 2023. In addition, the revenue guidance previously provided by the Company for the fourth quarter and full year of 2023 should no longer be relied upon until further notice.” Accordingly, Dada’s board of directors “has determined that it would be in the best interest of the Company and the shareholders to conduct an independent review to ascertain the financial impact and the scope of suspicious practices, if any, and the root cause. . . .”

Following this news, the price of Dada’s American Depositary Receipts (“ADRs”), fell $1.45 per ADR, or 45.87%, to close at $1.71 per ADR on January 8, 2024.

If you are a member of the proposed Class, you may move the court no later than March 11, 2024 to serve as a lead plaintiff for the purported class.  If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.


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If you have any questions about this Notice, your rights, or your interests, please contact:

Pamela A. Mayer
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003

Laurence D. King
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax:  (415) 772-4707

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