FTA purports to, with its subsidiaries, operate a digital freight platform that connects shippers with truckers to facilitate shipments in the People s Republic of China ( PRC ). It offers freight listing, matching, and brokerage services and online transaction services, as well as various value-added services. Yunmanman and Huochebang were founded in 2013 and 2011, respectively, and both companies were digital freight platforms in the PRC prior to their merger which created FTA in 2017.
The complaint alleges that the Registration Statement failed to disclose FTA s non-compliance with the relevant regulations or the potential penalties for its non-compliance including a suspension of new user additions during a cybersecurity review.
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