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.

On January 5, 2022, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on February 4.

On December 16, 2022, the parties notified the Court that they had entered into a binding term sheet for a proposed Settlement. On March 22, 2023, the parties entered into a Stipulation of Settlement. The Court granted preliminary approval of the Settlement on April 20. On August 1, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.