According to the Complaint, Kanzhun Limited operates an online recruitment platform, BOSS Zhipin, which is a mobile-native product that promotes instant direct chats between employers and job seekers, delivers matching results, and is powered by proprietary artificial intelligence (“AI”) algorithms and big data insights.

The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Kanzhun would face an imminent cybersecurity review by the Cyberspace Administration of China (the "CAC"); (2) the CAC would require Kanzhun to suspend new user registration on its BOSS Zhipin app; (3) Kanzhun needed to "conduct a comprehensive examination of cybersecurity risks"; (4) Kanzhun needed to "enhance its cybersecurity awareness and technology capabilities"; and (5) as a result, Defendants' statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On January 4, 2022, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on March 4.

On November 4, 2022, the parties entered into a Stipulation of Settlement. The Court granted preliminary approval of the Settlement on November 10. On April 5, 2023, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.

On April 3, 2024, the Court issued an Order approving distribution of the Settlement funds.