Get 40% Off
🔥 This hedge fund gained 26.16% in the last month. Get their top stocks with our free stock ideas tool.See stock ideas

ZTO Express sued for false statements in U.S. IPO; shares -5%

Published 07/21/2017, 09:10 AM
© Reuters.  ZTO Express sued for false statements in U.S. IPO; shares -5%
GS
-
MS
-
BABA
-
ZTO
-
  • ZTO Express (NYSE:ZTO) -5% premarket following a Reuters report that the company and the underwriters of its NYSE listing have been sued by a U.S. pension fund alleging profit margins were exaggerated to lure investors into its $1.4B IPO.
  • Morgan Stanley (NYSE:MS) and Goldman Sachs (NYSE:GS) are named in the class-action lawsuit filed in Alabama state court by the city of Birmingham's pension fund, which says the underwriters failed to perform adequate due diligence.
  • ZTO's listing was the largest U.S. listing in 2016 and was the biggest by a Chinese company since Alibaba (NYSE:BABA)'s $25B IPO in 2014.
  • Now read: ZTO Express - A Potential Portfolio Gem - Video


Original article

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.