Didi Global Inc its directors and underwriters were hit with two US shareholder suits after a Chinese government crackdown sent the ride-hailing company’s shares plummeting shortly after its June 30 initial public offering.

The company, which lost about US$15 billion of market value on Tuesday alone, had the second-largest US IPO for a Chinese firm on record, raising US$4.4 billion.

Securities class action law firms filed complaints in federal court in New York and Los Angeles late on Tuesday, July 7, saying the company failed to disclose ongoing talks it was having with Chinese authorities about its compliance with cybersecurity laws and regulations. The Chinese cybersecurity regulator announced on July 2 that it had begun an investigation of Didi and two days later ordered that the company’s app be removed from smartphone app stores.

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