new york oct 26 2021 globe newswire  bernstein liebhard a nationally acclaimed investor rights law firm reminds investors of the deadline to file a lead plaintiff motion no later than november 15 2021 in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of waterdrop inc waterdrop or the company nysewdh american depositary shares adss or shares from may 4 2021 through september 14 2021 the class period the lawsuit filed in the united states district court for the southern district of new york alleges violations of the securities act of 1934  if you purchased waterdrop securities andor would like to discuss your legal rights and options please visit waterdrop inc shareholder class action lawsuit or contact rujul patel toll free at 877 7791414 or according to the complaint waterdrops ipo registration statement contained false andor misleading statements andor failed to disclose that 1 waterdrop had achieved a substantial portion of its historical revenue growth through illicit means that ran afoul of chinese rules and regulations governing the insurance industry 2 waterdrop had been ordered by the chinese government to shut down its mutual aid platform because of its failure to comply with chinese law 3 waterdrop was under investigation by regulatory authorities for continued violations of chinese law 4 as a result of the foregoing there existed a material undisclosed risk and substantial likelihood that waterdrop would face severe adverse actions by regulatory authorities following the ipo 5 waterdrops operating losses had increased more than fourfold in the first quarter of 2021 as a result of the cessation of its mutual aid business and rapidly growing customer acquisition costs and 6 as a result of the foregoing the ipo registration statements representations regarding waterdrops historical financial and operational metrics and purported market opportunities did not accurately reflect the actual business operations and financial results and trajectory of the company in the lead up to the ipo were materially false and misleading and lacked a factual basis when the true details entered the market the lawsuit claims that investors suffered damages in may 2021 waterdrop completed its initial public offering the ipo selling 30 million adss at 1200 per share on august 11 2021 multiple news sources reported that chinas banking and insurance watchdog the china banking and insurance regulatory commission had issued an order directing insurance companies including waterdrop to cease improper marketing and pricing practices rampant in the industry and enhance their user privacy protections on september 8 2021 waterdrop announced its financial results for the quarter ended june 30 2021 noting that operating losses had continued to accelerate due to a sharp increase in the companys costs and operating expenses on september 13 2021 waterdrop adss dropped to a low of 3 per share losing 75 of the value at which it was sold to the investing public if you wish to serve as lead plaintiff you must move the court no later than  a lead plaintiff is a representative party acting on behalf of other class members in directing the litigation your ability to share in any recovery doesnt require that you serve as lead plaintiff if you choose to take no action you may remain an absent class member if you purchased waterdrop securities andor would like to discuss your legal rights and options please visit httpswwwbernliebcomcaseswaterdropincwdhshareholderclassactionlawsuitfraudstock440apply or contact toll free at 877 7791414 or since 1993 bernstein liebhard llp has recovered over 35 billion for its clients in addition to representing individual investors the firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf as a result of its success litigating hundreds of lawsuits and class actions the firm has been named to the national law journals plaintiffs hot list thirteen times and listed in the legal 500 for ten consecutive years attorney advertising © 2021 bernstein liebhard llp the law firm responsible for this advertisement is bernstein liebhard llp 10 east 40th street new york new york 10016 212 7791414 the lawyer responsible for this advertisement in the state of connecticut is michael s bigin prior results do not guarantee or predict a similar outcome with respect to any future matter