Canada markets closed
  • S&P/TSX

    20,762.03
    +297.43 (+1.45%)
     
  • S&P 500

    4,577.10
    +64.06 (+1.42%)
     
  • DOW

    34,639.79
    +617.75 (+1.82%)
     
  • CAD/USD

    0.7808
    +0.0002 (+0.02%)
     
  • CRUDE OIL

    67.37
    +0.87 (+1.31%)
     
  • BTC-CAD

    72,762.61
    -758.30 (-1.03%)
     
  • CMC Crypto 200

    1,450.10
    +11.22 (+0.78%)
     
  • GOLD FUTURES

    1,767.90
    +7.20 (+0.41%)
     
  • RUSSELL 2000

    2,206.33
    +58.91 (+2.74%)
     
  • 10-Yr Bond

    1.4480
    +0.0140 (+0.98%)
     
  • NASDAQ futures

    16,016.50
    +146.75 (+0.92%)
     
  • VOLATILITY

    27.95
    -3.17 (-10.19%)
     
  • FTSE

    7,129.21
    -39.47 (-0.55%)
     
  • NIKKEI 225

    27,753.37
    -182.25 (-0.65%)
     
  • CAD/EUR

    0.6906
    +0.0013 (+0.19%)
     

INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Hepsiburada (D-MARKET Elektronik Hizmetler ve Ticaret Anonim Şirketi a/k/a D-MARKET Electronic Services & Trading) (HEPS) Investors

  • Oops!
    Something went wrong.
    Please try again later.
·3 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

BENSALEM, Pa., October 22, 2021--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased D-MARKET Elektronik Hizmetler ve Ticaret Anonim Şirketi a/k/a D-MARKET Electronic Services & Trading d/b/a/ Hepsiburada ("Hepsiburada" or the "Company") (NASDAQ: HEPS) American Depositary Receipts ("ADRs" or "shares") pursuant and/or traceable to the registration statement and prospectus (collectively, the "Registration Statement") issued in connection with the Company’s July 2021 initial public offering ("IPO" or the "Offering"). Hepsiburada investors have until December 20, 2021 to file a lead plaintiff motion.

Investors suffering losses on their Hepsiburada investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

On or about July 1, 2021, Hepsiburada completed its IPO, selling approximately 62 million shares for $12.00 per share.

On August 26, 2021, Hepsiburada announced its second quarter 2021 financial results, reporting that revenue grew 5.2%. The Company also reported "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."

On this news, the Company’s share price fell $3.05, or 25%, to close at $8.97 per share on August 26, 2021, on unusually heavy trading volume.

By the commencement of this action, the Company’s ADRs were trading as low as $5.30 per ADR, a nearly 56% decline from the $12 per ADR IPO price.

The complaint filed in the action 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.

If you purchased Hepsiburada shares, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211022005072/en/

Contacts

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting