Dada Nexus Limited Hit with Class Action Lawsuit Over Financial Misconduct

Investors have until March 11 to join the lawsuit following revelations of overstated revenues and abrupt executive resignations.

Dada Nexus Limited faces a class action lawsuit for allegedly overstating revenues and costs related to its online advertising and marketing services.
The lawsuit covers the period from May 11, 2023, to January 8, 2024, with investors urged to apply for the role of lead plaintiff by March 11, 2024.
Dada's Chairman of the Board and Chief Financial Officer resigned immediately on December 19, 2023, due to 'personal reasons', amid allegations of suspicious practices.
An internal audit identified approximately $70 million in overstated revenues and costs for the first three quarters of 2023, leading to a significant drop in Dada's share price.
Several law firms are investigating potential claims against Dada Nexus Limited and encouraging affected investors to come forward.