According to the Complaint, Didi Global Inc. purports to be the world’s largest mobility technology platform. Its four key components are: shared mobility, auto solutions, electronic mobility, and autonomous driving. The Company claims to be the “go-to brand in China for shared mobility,” offering a range of services including ride hailing, taxi hailing, chauffeur, and hitch.

The Complaint alleges the Registration Statement issued in connection with the Company’s June 2021 initial public offering was materially false and misleading and omitted to state material adverse facts and that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that DiDi’s apps did not comply with applicable laws and regulations governing privacy protection and the collection of personal information; (2) that, as a result, the Company was reasonably likely to incur scrutiny from the Cyberspace Administration of China; (3) that the Cyberspace Administration of China (“CAC”) had already warned DiDi to delay its IPO to conduct a self-examination of its network security; (4) that, as a result of the foregoing, DiDi’s apps were reasonably likely to be taken down from app stores in China, which would have an adverse effect on its financial results and operations; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On October 12, 2021, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 21-CV-05807.

Lead Plaintiff filed a consolidated amended Complaint on January 7, 2022. On May 5, Lead Plaintiff filed a consolidated second amended Complaint. Defendants filed a Motion to Dismiss the consolidated second amended Complaint on June 3.

On March 14, 2024, the Court issued an Order denying Defendants' Motion to Dismiss.