INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of HDFC Bank Limited (HDB) Investors

Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased HDFC Bank Limited ("HDFC Bank" or the "Company") (NYSE: HDB) securities between July 31, 2019 and July 10, 2020, inclusive (the “Class Period”). HDFC Bank investors have until November 2, 2020 to file a lead plaintiff motion.

Investors suffering losses on their HDFC Bank investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].

On July 13, 2020, media 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 receipt price fell $1.37 per share, or nearly 3%, to close at $47.02 per share on July 13, 2020, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) HDFC Bank had inadequate disclosure controls and procedures and internal control over financial reporting; (2) as a result, the Bank maintained improper lending practices in its vehicle-financing operations; (3) accordingly, earnings generated from the Bank's vehicle-financing operations were unsustainable; (4) all the foregoing, once revealed, was foreseeably likely to have a material negative impact on the Bank's financial condition and reputation; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

If you purchased HDFC Bank securities, have information or 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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