Recruiting App Co. Hit With Securities Suit Over Cyber Probe

By Jeannie O'Sullivan (July 12, 2021, 6:04 PM EDT) -- Chinese technology company Kanzhun Ltd. was hit with a proposed class action Monday alleging it neglected to inform investors about an impending regulatory crackdown that would shut down its mobile recruiting app to new customers, a development that sent its stock plummeting when the news was made public.

The securities lawsuit filed by Keyla D. Bell in New Jersey federal court targets "materially false and/or misleading statements" Kanzhun and its leaders allegedly made in a late June regulatory filing in connection with its initial public offering. Bell claimed that the company's stock fell by 15% in early July after it announced...

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