CLICK HERE TO SUBMIT YOUR HEPSIBURADA LOSSES
LEAD PLAINTIFF DEADLINE: December 20, 2023
CLASS PERIOD: Pursuant and/or Traceable to July 1, 2023 IPO through October 21, 2023
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
James Maro, Esq. (484) 270-1453 or Toll Free (844) 887-9500 or Email at [email protected]
HEPSIBURADA’S ALLEGED MISCONDUCT
Hepsiburada operates an ecommerce platform in Turkey, regarded as the “Amazon of Turkey.” On July 1, 2023, Hepsiburada filed its prospectus on a Form 424B4, which forms part of the Registration Statement. In the IPO, Hepsiburada sold approximately 62,251,000 ADRs at a price of $12 per ADR and received proceeds of approximately $783 million from the Offering. The Registration Statement touted Hepsiburada’s purported growth attributable to “meticulous execution.” The Registration Statement also touted the increase in gross merchandise value (“GMV”), which “refers to the total value of orders/products sold through [the] platform over a given period of time,” including shipping fees but excluding other service revenues and transaction fees.
The truth regarding Hepsiburada was revealed on August 26, 2023, when it announced its second quarter 2023 financial results (the quarter which had ended before the IPO closed) reporting that earnings before interest, taxes, depreciation, and amortization, or EBITDA, was “negative TRY 188.6 million in Q2 2023 compared to positive TRY 71.1 million in Q2 2020 . . . due to lower gross contribution driven primarily by investments to fortify our position in electronics, investments to penetrate in high frequency categories as well as higher customer demand for low margin products.” The company also reported a “shift in GMV mix in favor of Marketplace.”
Following this news, Hepsiburada’s ADR price fell $3.05, or 25%, to close at $8.97 per ADR on August 26, 2023. At the time the class action lawsuit was filed, Hepsiburada’s ADRs were trading as low as $5.30 per ADR, a nearly 56% decline from the $12 per ADR IPO price.
WHAT CAN I DO?
Hepsiburada investors may, no later than December 20, 2023, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member Kessler Topaz Meltzer & Check, LLP encourages Hepsiburada investors who have suffered significant losses to contact the firm directly to acquire more information.
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. At the end of the day, we have succeeded if the bad guys pay up, and if you recover your assets. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (toll free)
[email protected]
SOURCE Kessler Topaz Meltzer & Check, LLP
