Rosen law firm prepares for lawsuit against HDFC Bank

The American law firm, Rosen is going to conduct an investigation on the fact that the bank may have issued materially misleading business information to the investors.

US based Law Firm, Rosen announced an investigation of potential securities claims, on behalf of shareholders of HDFC Bank Ltd with allegations that, the bank may have issued materially misleading business information to the investors.

In press release issued on Sunday i.e. 16th August night, Rosen Law firm stated that they are preparing a securities lawsuit on behalf of HDFC bank shareholders.

On 14th July, Mint had reported that HDFC bank is looking into the alleged improper lending practises in it’s vehicle financing arm involving the business head Ashok Khanna. The allegation was that the bank had forced its car loan customers to purchase a vehicle tracking device.

With the spread of this news, HDFC Bank’s American depositary receipt price fell by $1.37 per share, or 2.83%, to close at $47.02 per share.