HDFC Bank Limited
Lead Plaintiff Deadline: 11/02/2020
SUMMARY OF CASE:
A securities class action has been filed against HDFC Bank Limited (HDB) on behalf of a class consisting of all persons and entities other than Defendants who purchased or otherwise acquired HDFC Bank securities between between July 31, 2019 through July 10, 2020. This case has been filed in the USDC – E.D.N.Y.
The Complaint alleges that Throughout the Class Period, Defendants made materially false and misleading statements regarding the Bank’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) HDFC Bank had inadequate disclosure controls and procedures and internal control over financial reporting; (ii) as a result, the Bank maintained improper lending practices in its vehicle-financing operations; (iii) accordingly, earnings generated from the Bank’s vehicle-financing operations were unsustainable; (iv) all the foregoing, once revealed, was foreseeably likely to have a material negative impact on the Bank’s financial condition and reputation; and (v) as a result, the Bank’s public statements were materially false and misleading at all relevant times.