NEW YORK, April 16, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of ZTO Express (Cayman) Inc. (“ZTO” or the “Company”) (NYSE: ZTO). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether ZTO and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On March 2, 2023, market analyst Grizzly Research published a report on ZTO Express entitled “ZTO Express Inc. (NYSE: ZTO): China's ‘Best-in-Class’ Logistics Company is Really ‘Best in Show’; We Believe Financials are Fake and Insiders are Stealing from the Company.” The report alleged that ZTO Express has falsified various financial metrics in its Securities & Exchange Commission (‘SEC’) filings, including its margins, by understating revenues and overstating net profit. The report further alleges, among other things, that ZTO Express underreports employees to decrease its costs, that it utilizes “sham network partner acquisitions to enrich insiders” and engages in undisclosed related party transactions. On this news, ZTO Express’s American Depositary Receipt (“ADR”) price fell sharply during intraday trading on March 2, 2023.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, London, 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.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
