SBS says HDFC Bank investors may seek lead plaintiff role in securities suit

Schall, Brown & Schwartz LLP said Wednesday that investors who bought HDFC Bank Limited shares during a stated class period may contact the firm about possible lead-plaintiff appointment in a U.S. securities class action.

Background

According to the PR Newswire release, the lawsuit names HDFC Bank Limited, ticker NYSE: HDB, and alleges violations of Section 10(b), Section 20(a), and SEC Rule 10b-5 under the Securities Exchange Act of 1934. The stated class period runs from July 17, 2023, to May 26, 2026.

The release says the complaint alleges HDFC made false and misleading statements to the market. It also says the company disguised payments as marketing costs to hide higher interest for state-controlled firms, and that senior management knew about and approved the activity even though it likely violated policies and regulations.

The press release says the company’s public statements were false and materially misleading throughout the class period. It also says investors suffered damages when the market learned the truth.

What the firm said

The release says shareholders who purchased HDB shares during the class period are encouraged to contact the firm regarding possible lead-plaintiff appointments. It lists Brian Schall and David Schwartz of Schall, Brown & Schwartz LLP in Los Angeles as contacts, with a phone number and website provided in the source.

The notice also says the class has not yet been certified and that absent class members are not represented by counsel unless they take action.

What happens next

The release does not include a court filing number, settlement, or judgment. It says investors may contact the firm about possible lead-plaintiff status as the case moves forward.

Sources

• PR Newswire release: HDB investors have opportunity to lead HDFC Bank Limited securities fraud lawsuit with SBS Law

Editorial note: This article was prepared with AI assistance and includes source attribution for reader review.