According to the Complaint, PDD Holdings Inc. (f/k/a Pinduoduo Inc.) purports to be “a multinational commerce group that owns and operates a portfolio of businesses.” The Company changed its name to PDD Holdings Inc. in February 2023.

The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose, among other things, that: (1) PDD Holdings’ applications contained malware, which was designed to obtain user data without the user’s consent, including reading private text messages; (2) PDD Holdings has no meaningful system to prevent goods made by forced labor from being sold on its platform, and has openly sold banned products on its Temu platform; (3) the foregoing subjected PDD Holdings to a heightened risk of legal and political scrutiny; and (4) 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 October 28, 2024, the Court issued an Order consolidating cases. All future docketing was ordered to be done in the lead case 24-CV-05653. On November 19, the Court issued an Order appointing Lead Plaintiff and Counsel.

Lead Plaintiff filed a consolidated Complaint on March 4, 2025.