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

NEW YORK, NY - (NewMediaWire) - January 24, 2024 - 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 pmayer@kaplanfox.com 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.

WHY CONTACT KAPLAN FOX - Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey.  With over 50 years of experience in securities litigation, Kaplan Fox offers the professional experience and track record that clients demand.  Through prosecuting cases on the federal and state levels, Kaplan Fox has successfully shaped the law through winning many important decisions on behalf of our clients.  For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. 

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

Pamela A. Mayer

KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003

E-mail: pmayer@kaplanfox.com

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax:  (415) 772-4707
E-mail: lking@kaplanfox.com