DiDi Global $740 Million Securities Class Action Settlement

Investors who purchased DiDi Global Inc. American Depositary Shares between June 30, 2021, and July 21, 2021, may be eligible to claim a cash payment from a class action settlement.

DiDi Global agreed to pay $740 million to settle a securities class action lawsuit alleging it made materially false and misleading statements and omissions in the registration statement for its June 2021 initial public offering. The lawsuit alleged DiDi failed to disclose warnings from Chinese authorities and misrepresented its compliance with cybersecurity and data protection laws.

Who can file a claim?

The settlement includes all persons and entities who purchased DiDi Global Inc. ADSs during the period June 30, 2021, through July 21, 2021, inclusive.

Additional details

• Both individuals and entities can be class members.
• Agents, executors, administrators, guardians and trustees may submit claims on behalf of others and must provide proof of authority.
• Participants in and beneficiaries of any employee retirement or benefit plan covered by ERISA should not include DiDi ADSs transactions made through an employee plan on an individual claim form. Plan trustees must submit claims for employee plan transactions.
• Class members who acquired DiDi ADSs by gift, inheritance or operation of law are not considered purchasers under federal law and may not file a claim.

How much can class members get?

The total settlement fund is $740,000,000. The amount each class member receives depends on several factors:

• The number of valid claims submitted
• The number of ADSs purchased during the class period
• The timing of each investor's purchase, sale and holding
• The total recognized losses of all claimants

The settlement administrator will distribute payments on a pro rata basis according to the court-approved plan of allocation:

• The estimated average distribution per affected ADS is approximately $1.84 before deductions for taxes, notice and administration costs, and attorneys' fees and expenses.
• If the court approves maximum fees and expenses, the estimated average amount of fees and expenses will be approximately $0.47 per affected ADS.
• Actual payments may be higher or lower depending on individual claims and the total number of valid claims.
• The settlement administrator will calculate each class member's payment based on the recognized loss amount assigned to each transaction.
• Recognized loss amounts depend on purchase and sale timing. The settlement administrator will calculate them using the court-approved plan of allocation, including Table 1 (decline in inflation per ADS by date of purchase and date of sale) and Table 2 (average closing prices for ADSs) in the settlement notice (tables are on Pages 15-16 of the settlement notice).
• The plan of allocation applies different formulas depending on when class members held or sold securities. For shares purchased and sold before July 6, 2021, the recognized loss is $0.
• For shares sold between July 6, 2021, and July 21, 2021, the recognized loss is the lesser of the decline in inflation during the holding period as set out in Table 1 or the purchase price minus the sale price.
• For shares sold on July 22, 2021, the recognized loss is the lesser of the decline in inflation during the holding period as set out in Table 1 or the purchase price minus the sale price.
• For shares sold between July 23, 2021, and Oct. 20, 2021, the recognized loss is the least of the decline in inflation during the holding period as set out in Table 1, the purchase price minus the sale price or the purchase price minus the average closing price between July 23, 2021, and the date of sale as listed in Table 2.
• For shares held as of the close of trading on Oct. 20, 2021, the recognized loss is the lesser of the decline in inflation during the holding period as set out in Table 1 or the purchase price minus $8.46 per ADS.

• If total recognized losses exceed the net settlement fund, the settlement administrator will reduce payments on a pro rata basis.
• Class members whose payment would be less than $10 will not receive a payout.

How to claim a settlement payment

Class members can file a claim online or download, print and complete the PDF claim form and mail it to the settlement administrator. The claim deadline is April 6, 2026.

Settlement administrator's mailing address: In re DiDi Global Inc. Securities Litigation, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson St., Suite 205, Media, PA 19063

Proof or documentation required to submit a claim

All class members must provide the last four digits of their Social Security number or full taxpayer identification number. They must also provide purchase, acquisition and sale information, including:

• Trade dates
• Number of ADSs purchased, acquired or sold
• Total purchase, sale or acquisition price

Class members must also provide documentation to support their transactions in DiDi ADSs. Acceptable proof includes:

• Broker confirmation slips
• Broker account statements
• Authorized statements from a broker containing the transactional and holding information found in a confirmation slip or account statement

Payout options

• Physical check

$740 million settlement fund

The $740,000,000 settlement fund includes:

• Settlement administration costs: To be determined
• Attorneys' fees: Up to $185,000,000
• Attorneys' expenses: Up to $5,250,000
• Payments to eligible class members: Remainder of the fund

Important dates

• Deadline to file a claim: April 6, 2026
• Opt-out deadline: April 6, 2026
• Final approval hearing: June 16, 2026

When is the DiDi Global securities class action settlement payout date?

The settlement administrator will issue payments after it completes processing and the court resolves any appeals and grants final approval to the settlement.

Why did this class action settlement happen?

The lawsuit alleged DiDi Global, certain officers and directors, and the IPO underwriters violated federal securities laws by making false and misleading statements and omissions in the registration statement for DiDi's June 2021 IPO. The plaintiffs claimed DiDi failed to disclose warnings from the Chinese government, misrepresented its compliance with cybersecurity and data privacy laws, and deceived the underwriters to close the IPO. Sanctions from the Cyberspace Administration of China allegedly caused DiDi's share price to decline substantially, damaging investors.

DiDi denied all allegations of wrongdoing but agreed to settle to avoid the costs, risks and delays of continued litigation.

Sources

1. Class notice (pp. 1-21)
2. Claim form (pp. 22-32)