24/01/2019 19:00:00

Kuznicki Law PLLC Announces Class Actions on Behalf of Shareholders of GSKY, PPDF, TX and MAR

CEDARHURST, N.Y., Jan. 24, 2019 (GLOBE NEWSWIRE) -- The securities litigation law firm of Kuznicki Law PLLC issues the following notice on behalf of shareholders of the following publicly traded companies. Shareholders who purchased shares in these companies during the dates listed below are encouraged to contact the firm regarding possible appointment as lead plaintiff and a preliminary estimate of their recoverable losses.

If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No classes have yet been certified in the actions below. Appointment as lead plaintiff is not required to partake in any recovery.

GreenSky, Inc. (NASDAQGS: GSKY)

A class action has commenced on behalf of shareholders in GreenSky, Inc. who purchased Class A common shares pursuant to the IPO on or around May 23, 2018. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: The Offering Documents were negligently prepared and, as a result, contained untrue statements of material facts or omitted to state other facts necessary to make the statements made not misleading, and were not prepared in accordance with the rules and regulations governing their preparation as the Offering Documents failed to disclose: (i) that GreenSky was transitioning away from the solar power market in favor of the elective healthcare market; (ii) foreseeable negative effects on GreenSky’s profits because of significant differences in transaction fees GreenSky charged to different classes of merchants; (iii) the primacy of the merchant mix as a  driver of GreenSky’s transaction-fee revenue; (iv) the ongoing deterioration in GreenSky’s transaction-fee revenue, while touting GreenSky’s growth and financial performance; (v) the negative impacts of GreenSky’s changing  merchant mix on EBITDA; (vi) the markedly lower transaction fees GreenSky charges to healthcare companies; and (vii) as a result of the foregoing, GreenSky’s Offering Documents were materially false and misleading at all relevant times.

Shareholders may find more information at https://kseclaw.com/securities/greensky-inc-loss-submission-form/?wire=3

PPDAI Group Inc. (NYSE: PPDF)

A class action has commenced on behalf of shareholders in PPDAI Group Inc. who purchased American Depositary Shares (1) pursuant or traceable to the F-1 registration statement, the F-6 registration statement, and related Prospectus issued in connection with PPDAI’s initial  public stock offering held on or about November 10, 2017 (the “IPO” or “Offering”) and/or (2) between November 10, 2017 and December 1, 2017. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) PPDAI was engaged in predatory lending practices that saddled subprime borrowers and those with poor or limited credit histories with high interest rate debt they could not repay; (2) many of PPDAI’s customers were using PPDAI-provided loans to repay existing loans they otherwise could not afford to repay, thereby inflating PPDAI’s revenues and active borrower numbers and increasing the likelihood of defaults; (3) PPDAI was experiencing increasing delinquency rates, negatively affecting PPDAI’s reserves; (4) PPDAI’s purported “rapid growth” in the number and amount of loans had materially dropped off; (5) PPDAI was providing online loans to college students despite a government ban on the practice; (6) PPDAI was engaged in overly aggressive and improper collection practices; and (7) as a result of its improper lending, underwriting, and collection practices, PPDAI was subject to heightened risk of adverse actions by Chinese regulators. When the true details entered the market, the lawsuit claims that investors suffered damages.

Shareholders may find more information at https://kseclaw.com/securities/ppdai-group-inc/?wire=3

Ternium S.A. (NYSE: TX)

A class action has commenced on behalf of shareholders in Ternium S.A. who purchased shares between May 1, 2014 and November 27, 2018. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Defendant Paolo Rocca, Ternium’s Chairman, knew that one of his company’s executives paid cash to government officials from 2009 to 2012 to expedite compensation payments for the sale of Ternium’s Sidor unit; (2) this conduct would lead Rocca to be charged in a graft scheme and subject Ternium, its affiliates, and/or its executives to heightened governmental scrutiny; and (3) as a result, Ternium’s public statements were materially false and/or misleading at all relevant times.   On November 27, 2018, Bloomberg reported that Rocca was indicted for his role in a graft scheme. According to the article, “The judge charged Rocca after the Argentine billionaire testified that one of his company’s executives paid an undisclosed amount of cash to government officials in monthly installments from 2009 to 2012. The officials were allegedly working for then-President Cristina Fernandez de Kirchner’s administration to speed up a compensation payment from Venezuela’s Hugo Chavez for the nationalization of Sidor, a unit that had been seized by Venezuela. Rocca’s group was compensated with $1.95 billion for the unit.”

Shareholders may find more information at https://kseclaw.com/securities/ternium-s-a-loss-form/?wire=3

Marriott International, Inc. (NASDAQGS: MAR)

A class action has commenced on behalf of shareholders in Marriott International, Inc. who purchased shares between November 9, 2016 and November 29, 2018. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Marriott’s and Starwood’s systems storing their customers’ personal data were not secure; (2) there had been unauthorized access on Starwood’s network since 2014; (3) consequently, the personal data of approximately 500 million Starwood guests and the sensitive personal information of approximately 327 million of those guests may have been exposed to unauthorized parties; and (4) as a result, Marriott’s public statements were materially false and/or misleading at all relevant times.

Shareholders may find more information at https://kseclaw.com/securities/marriott-international-inc-loss-form/?wire=3

Kuznicki Law PLLC is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a Company lead to artificial inflation of the Company's stock.

CONTACT:

Kuznicki Law PLLC

Daniel Kuznicki, Esq.

445 Central Avenue, Suite 334

Cedarhurst, NY 11516

Email: dk@kclasslaw.com

Phone: (347) 696-1134

Cell: (347) 690-0692

Fax: (347) 348-0967

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