According to the Complaint, ZTO is an express delivery company in China. The Company provides express delivery service through its nationwide network, as well as other value-added logistics services. ZTO is headquartered in Shanghai, People’s Republic of China and its ADSs are traded on the New York Stock Exchange under the ticker symbol “ZTO.”
On or around October 27, 2016, ZTO conducted the Offering, selling 72,100,000 ADSs at a price to the public of $19.50 per share.
The Complaint alleges in violation of the Securities Act, Defendants negligently issued untrue statements of material facts and omitted to state material facts required to be stated in the Registration Statement and incorporated Offering Materials that the Company filed with the SEC in support of the Offering.
On April 18, 2018, the Court issued an Order remanding the case to the Circuit Court of Jefferson County, Alabama.