Hepsiburada

Hepsiburada

Ticker: HEPS

Class Period Start: 07/01/2021

Registration Deadline: 12/20/2021

D-MARKET Electronic Services & Trading or Hepsiburada (“Hepsiburada” or the “Company) is a Turkey-based online retailer that offers a wide variety of products, including electronics, apparel, and textiles. On or about July 1, 2021, Hepsiburada completed its IPO, selling approximately 62 million shares for $12.00 per share.

On August 26, 2021, Hepsiburada announced its second quarter 2021 financial results—the quarter which had ended before the IPO closed—and reported that revenue grew 5.2%, reflecting “the shift in GMV mix in favor of Marketplace.” The Company also reported that EBITDA was “negative TRY 188.6 million in Q2 2021 compared to positive TRY 71.1 million in Q2 2020 . . . due to lower gross contribution driven primarily by investments to fortify our position in electronics, investments to penetrate in high frequency categories as well as higher customer demand for low margin products.”

On this news, the Company’s share price fell $3.05, or 25%, to close at $8.97 per share on August 26, 2021, on unusually heavy trading volume.

A securities class action has been filed against Hepsiburada on behalf of shareholders that purchased Hepsiburada shares in connection with its July 1, 2021 IPO.  This case has been filed in the U.S. District Court for the Southern District of New York.

By the commencement of this action, the Company’s shares were trading as low as $5.30, a nearly 56% decline from the $12.00 per share IPO price.

The complaint in the action alleges that the Registration Statement was materially false and misleading and omitted to state: (1) that Hepsiburada suffered a sharp deceleration in operational and sales growth during second quarter 2021; (2) that, as a result, the Company initiated certain actions to fortify its competitive position, including investing in electronics and high frequency categories and discounting certain categories; (3) that, as a result of the foregoing, Hepsiburada’s revenue and GMV had declined during second quarter 2021; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.

If you suffered a loss on your investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below.

An attorney will contact you at no cost to provide you information about joining the action and answer your questions. Please note that submission of this form does not by itself form an attorney-client relationship nor does filing out this form mean you have joined any lawsuit.

Purchases

Sales

Please Note

Neither the submission to nor the receipt of information by Lowey Dannenberg or one of its attorneys through this website constitutes an agreement by our firm to represent the individual and does not create an attorney-client relationship. Please do not send confidential or sensitive information through this website. This information should be communicated through a direct contact with an individual at the firm.

* Indicates a required field.

Signed pursuant to California Civil Code Section 1633.1, et seq. - and the Uniform Electronic Transactions Act as adopted by the various states and territories of the United States.