NEW YORK, July 18, 2021 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Kanzhun Limited («Kanzhun» or the «Company») (NASDAQ: BZ). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 7980.
The investigation concerns whether Kanzhun and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On or around June 11, 2021, Kanzhun conducted its initial public offering («IPO»), issuing 48 million American Depositary Shares («ADSs») priced at $19.00 per ADS. Then, on July 5, 2021, Kanzhun issued a press release entitled «Kanzhun Limited Announces Cybersecurity Review in China.» According to the Company’s release, «pursuant to the announcement posted by the Cyberspace Administration of China on July 5, 2021, the Company is subject to cybersecurity review by the authority. During the review period, [Kanzhun’s] ‘BOSS Zhipin’ app is required to suspend new user registration in China to facilitate the process.»
On this news, Kanzhun’s ADS price fell $5.79 per share, or 15.95%, to close at $30.52 per share on July 6, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP