Shares of Dada Nexus Limited (“Dada”) plunged over 36% in intraday trading on January 8, 2024, after disclosing that it had identified some “suspicious practices” in a routine internal audit, and that its revenue guidance for the fourth quarter and full year of 2023 should no longer be relied upon. Gibbs Law Group is investigating a Dada Nexus Securities Class Action Lawsuit on behalf of shareholders who lost money in Dada Nexus Limited (NASDAQ: DADA).

To speak with a member of our award-winning team about this class action lawsuit investigation, click here or call (888) 410-2925.

Before the market opened on January 8, 2024, Dada Nexus revealed that “in the course of its routine internal audit, certain suspicious practices were identified that may cast doubt on certain revenues from the Company’s online advertising and marketing services in 2023.” According to Dada, the company “estimates that approximately RMB500 million of revenues from online advertising and marketing services and RMB500 million of operations and support costs may have been overstated, respectively, for the first three quarters of 2023.” In its Monday filing, Dada added that previous revenue guidance for the fourth quarter and full year of 2023 should no longer be relied upon.

Following this news, Dada stock plummeted over 36% in intraday trading, causing significant harm to investors.

What Should Dada Investors Do?

If you invested in Dada Nexus Limited, visit our website, or contact our securities team directly at (888) 410-2925 to discuss how you may be able to recover your losses. Our investigation concerns whether Dada Nexus Limited has violated federal securities laws by providing false or misleading statements to investors.

About Gibbs Law Group

Gibbs Law Group represents investors throughout the country in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world’s largest corporations, and our attorneys have received numerous honors for their work, including “Best Lawyers in America,” “Top Plaintiff Lawyers in California,” “California Lawyer Attorney of the Year,” “Class Action Practice Group of the Year,” “Consumer Protection MVP,” and “Top Women Lawyers in California.”

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