CLASS ACTION UPDATE for STEM, FUTU and GDS: Levi & Korsinsky, LLP Reminds Investors of Class Actions on Behalf of Shareholders

NEW YORK, NY / ACCESSWIRE / June 22, 2023 / Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court. Further details about the cases can be found at the links provided. There is no cost or obligation to you.

STEM Shareholders Click Here: https://zlk.com/pslra-1/stem-lawsuit-loss-submission-form?prid=41247&wire=1
FUTU Shareholders Click Here: https://zlk.com/pslra-1/futu-lawsuit-submission-form?prid=41247&wire=1
GDS Shareholders Click Here: https://zlk.com/pslra-1/gds-holdings-lawsuit-submission-form?prid=41247&wire=1

* ADDITIONAL INFORMATION BELOW *

Stem, Inc. f/k/a Star Peak Energy Transition Corp. (NYSE:STEM)

This lawsuit is on behalf of a class consisting of all persons and entities other than defendants that purchased or otherwise acquired Stem securities: (a) pursuant and/or traceable to certain documents issued in connection with the merger consummated on April 28, 2021, by and among the Company, STPK Merger Sub Corp., and Stem, Inc., a private Delaware corporation; and/or (b) between March 4, 2021, and February 16, 2023, both dates inclusive.
Lead Plaintiff Deadline : July 11, 2023
TO LEARN MORE, VISIT: https://zlk.com/pslra-1/stem-lawsuit-loss-submission-form?prid=41247&wire=1

According to the filed complaint, (i) Legacy Stem suffered from material weaknesses in internal control over financial reporting related to accounting for the deferred cost of goods sold and inventory, certain revenue recognition calculations, and internal-use capitalized software calculations; (ii) the Company had overstated Legacy Stem's and its own post-Merger business and financial prospects; (iii) Stem's software revenue did not makeup 100% of the Company's services revenue; (iv) Stem had overstated the benefits expected to flow from its AP partnership; and (v) as a result, the offering documents and defendants public statements throughout the class period were materially false and/or misleading and failed to state information required to be stated therein.

Futu Holdings Limited (NASDAQ:FUTU)

FUTU Lawsuit on behalf of: investors who purchased April 27, 2020 - May 16, 2023
Lead Plaintiff Deadline : August 11, 2023
TO LEARN MORE, VISIT: https://zlk.com/pslra-1/futu-lawsuit-submission-form?prid=41247&wire=1

According to the filed complaint, during the class period, Futu Holdings Limited made materially false and/or misleading statements and/or failed to disclose that: (1) Futu's business was, quite simply, illegal as it related to operations in China as a result of its failure to obtain the proper licenses; (2) it did not fully disclose to investors that it was engaging in unlawful activity and instead falsely characterized the applicable Chinese laws as ambiguous; (3) the foregoing subjected the Company to a heightened risk of regulatory enforcement; and (4) as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

GDS Holdings Limited (NASDAQ:GDS)

GDS Lawsuit on behalf of: investors who purchased April 12, 2021 - April 3, 2023
Lead Plaintiff Deadline : August 21, 2023
TO LEARN MORE, VISIT: https://zlk.com/pslra-1/gds-holdings-lawsuit-submission-form?prid=41247&wire=1

According to the filed complaint, during the class period, GDS Holdings Limited made materially false and/or misleading statements and/or failed to disclose that: (1) Defendant and GDS CEO William Wei had engaged in undisclosed pre-paid forward sale contract transactions as early as May 2020; (2) this presented a risk of Defendant Huang's ownership going below 5% of the Company's outstanding shares; (3) if Huang's ownership dipped below 5%, it would result in a change of control of the Company which, as the Company admitted, could result in disastrous consequences; and (4) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

You have until the lead plaintiff deadlines to request that the court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.

Levi & Korsinsky is a nationally recognized firm with offices in New York, California, Connecticut, and Washington D.C. The firm's attorneys have extensive expertise and experience representing investors in securities litigation and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Eduard Korsinsky, Esq.
55 Broadway, 4th Floor Suite #427
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com

SOURCE: Levi & Korsinsky, LLP

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