Two lawsuits against social e-commerce firm Pinduoduo alleging that the company misled investors have been accepted by US courts in California and New York.

The cases were filed as a result of investors losing money due information they claim was misrepresented or concealed in Pinduoduo’s listing documents, according to local media.

Shortly after Pinduoduo’s Nasdaq listing, Chinese regulators launched an investigation into the company for selling counterfeit goods. The announcement caused the company’s share price to plummet, resulting in losses for investors.

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Chris Udemans

Christopher Udemans is a Shanghai-based data and graphics reporter. He covers Chinese artificial intelligence, mobility, and cybersecurity. You can contact him at chrisudemans [at] technode [dot] com.