Company name HDFC Bank Limited
Stock symbol HDB
Status Class Action Complaint Filed

NEW YORK, September 30, 2020 – Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of investors that purchased HDFC Bank Limited (NYSE: HDB) securities between July 31, 2019 and July 10, 2020 (the “Class Period”). Investors have until November 2, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

HDFC Bank was founded in 1994 and is based in Mumbai, India. The Bank provides various banking and financial services to individuals and businesses in India, Bahrain, Hong Kong, and Dubai.

HDFC Bank operates in Treasury, Retail Banking, Wholesale Banking, Other Banking Business, and Unallocated segments, offering, among other services, various types of loans to millions of its retail borrowers, including personal and vehicle financing loans.

Revenues generated from HDFC Bank’s auto and commercial vehicle loans are reported as part of the Bank’s Retail Banking segment.

On July 13, 2020, The Economic Times published an article titled “HDFC Bank probes lending practices at vehicle unit.” That article reported that HDFC Bank had “conducted a probe into allegations of improper lending practices and conflicts of interests in its vehicle-financing operations involving the unit’s former head.”

On this news, HDFC Bank’s American Depositary Share (“ADS”) price fell $1.37 per share, or 2.83%, to close at $47.02 per share on July 13, 2020

The complaint, filed on September 3, 2020, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Bank’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) HDFC Bank had inadequate disclosure controls and procedures and internal control over financial reporting; (ii) as a result, the Bank maintained improper lending practices in its vehicle-financing operations; (iii) accordingly, earnings generated from the Bank’s vehicle-financing operations were unsustainable; (iv) all the foregoing, once revealed, was foreseeably likely to have a material negative impact on the Bank’s financial condition and reputation; and (v) as a result, the Bank’s public statements were materially false and misleading at all relevant times.

If you purchased  HDFC Bank securities during the Class Period and suffered a loss, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at  investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.

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Call to provide more information: Tel: (212) 355-4648

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The submission of this form does not create an attorney-client relationship, nor any obligation on the part of Bragar Eagel & Squire, P.C., or you to file a legal action. Any information you submit will be maintained as confidential. If Bragar Eagel & Squire, P.C., in its sole discretion, believes that you might be an appropriate class representative, Bragar Eagel & Squire, P.C., will contact you to discuss the matter and to determine whether to establish an attorney client relationship.

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