WELCOME TO THE HEPSIBURADA SECURITIES LITIGATION WEBSITE

This website has been established to provide general information related to the pendency and proposed Settlement of the federal class action lawsuit referred to as IWA-Forest Industry Pension Plan v. D-Market Elektronik Hizmetler ve Ticaret Anonim Sirketi a/k/a D-Market Electronic Services & Trading d/b/a Hepsiburada, et al., Case No. 1:21-cv-08634-PKC, pending before the Honorable P. Kevin Castel in the United States District Court for the Southern District of New York (the “Court”) and the pendency and proposed Settlement of the state class action lawsuit refered to as James Benson v. D-Market Elektronik Hizmetler ve Ticaret Anonim Sirketi, et al., Case Index No. 655701/2021, pending before the Honorable Robert R. Reed, J.S.C. in the Supreme Court of the State of New York, County of New York: Commercial Division (collectively, the “Actions”).

The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Stipulation of Settlement dated March 22, 2023 (the "Stipulation"), which can be found and downloaded by clicking on the Case Documents tab above.

The law firms of Kaplan Fox & Kilsheimer LLP, Robbins Geller Rudman & Dowd LLP, and Johnson Fistel, LLP represent you and other Settlement Class Members. You will not be charged for these lawyers. They will be paid from the Settlement Fund to the extent the Court approves their application for fees and expenses. If you want to be represented by your own lawyer, you may hire one at your own expense.

WHAT IS THIS LAWSUIT ABOUT?

Hepsiburada is an e-commerce company operating in Turkey and is known as the “Amazon of Turkey.” At the time of its initial public offering (“IPO” or “Offering”) on July 1, 2021, Hepsiburada derived the majority of its revenue and profits from a hybrid model of first-party sales made by the Company and third-party sales made by merchants through its online “marketplace.” The IPO took place on the first day of the third fiscal quarter 2021 (“3Q21”), i.e., after the second fiscal quarter (“2Q21”) was complete. In the Actions, Plaintiffs allege that the Registration Statement for the IPO was negligently prepared and thus contained untrue statements of material fact and omitted to disclose material information that was required to be disclosed therein. Specifically, Plaintiffs allege that Defendants failed to disclose material information regarding: (i) Hepsiburada’s alleged slowdown in growth in 2Q21, i.e., before the IPO; (ii) the allegedly negative impact to Hepsiburada’s business and operations as of the IPO caused by Turkey’s easing of COVID-19 lockdown restrictions, particularly the weekday reopening of marketplaces and shopping malls in May 2021; and (iii) Hepsiburada’s alleged need to make significant investments and customer discounts as of the IPO to offset these negative developments. Plaintiffs’ claims are brought under the Securities Act of 1933 (the “Securities Act”).

If you purchased or otherwise acquired Hepsiburada ADSs during the Settlement Class Period (July 1, 2021 through November 23, 2021, inclusive), pursuant and/or traceable to Hepsiburada’s IPO, you are a Settlement Class Member. As set forth in the Stipulation, excluded from the Settlement Class are: (i) Defendants, (ii) the current and former executive officers and directors of each Defendant (in addition to those named as defendants), (iii) any entity in which any Defendant has or had a controlling interest, provided, however, that any Investment Vehicle shall not be excluded from the class, (iv) Defendants’ Immediate Family Members, and (v) the legal representatives, heirs, successors, or assigns of any such excluded party. Also excluded from the Settlement Class are any Persons who would otherwise be Settlement Class Members but who timely and validly exclude themselves in accordance with the requirements set forth in the Notice of Pendency and Proposed Settlement of Class Actions ('Notice").

WHAT DOES THE SETTLEMENT PROVIDE?

The Settlement, if approved, will result in the creation of a cash settlement fund of $13,900,000. The Settlement Amount, plus accrued interest and minus the costs of the Notice and all costs associated with the administration of the Settlement Fund, as well as attorneys’ fees and expenses, and the payment to Lead Plaintiff for representing the Settlement Class, as approved by the Court (the “Net Settlement Fund”), will be distributed to eligible Settlement Class Members pursuant to the Plan of Allocation that is described in the Notice.

ADDITIONAL INFORMATION

Although the information on this website is intended to assist you, it does not replace the information contained in the Notice and the Stipulation. We recommend you read the Notice and other relevant case documents carefully.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT

IMPORTANT DATES AND DEADLINES