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Case Status:    ONGOING    
On or around 10/22/2021 (Date of last review)

Filing Date: October 21, 2021

According to the Complaint, D-MARKET Electronic Services & Trading (a/k/a D-MARKET Elektronik Hizmetler ve Ticaret Anonim ?irketi d/b/a Hepsiburada) operates an ecommerce platform in Turkey, where it is known as the “Amazon of Turkey.”

On May 28, 2021, the Company filed its Registration Statement on Form F-1 with the SEC, which forms part of the Registration Statement. On or about July 1, 2021, Hepsiburada completed its IPO, selling approximately 62 million shares for $12.00 per share.

The Complaint alleges that the Registration Statement was materially false and misleading and omitted to state: (1) that Hepsiburada suffered a sharp deceleration in operational and sales growth during second quarter 2021; (2) that, as a result, the Company initiated certain actions to fortify its competitive position, including investing in electronics and high frequency categories and discounting certain categories; (3) that, as a result of the foregoing, Hepsiburada’s revenue and GMV had declined during second quarter 2021; and (4) 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.

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