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Pinduoduo May Face Class-Action Suits in U.S.

Pinduoduo is one of the fasted-growing e-commerce in China with 343.6 million users by the end of June. Photo: IC
Pinduoduo is one of the fasted-growing e-commerce in China with 343.6 million users by the end of June. Photo: IC

Six U.S. law firms are looking into potential securities claims and may file class-action suits on behalf of people who bought Pinduoduo Inc. shares on Nasdaq, the firms said Thursday.

The threat of shareholder suits adds to setbacks for the Chinese discount e-commerce site. After Pinduoduo’s high-profile Nasdaq debut July 26, authorities in China opened investigations of the company for allegedly selling counterfeit goods. The stock fell to below the offering price.

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