Rosen law firm- New York based law firm may is said have initiated probable investigations against HDFC Bank based on the allegations of share holders that it “issued materially misleading business information to the investing public”. The US law firm is said to have asked the Bank shareholders to join the “securities action”. HDFC Bank’s ADRs are listed on the NYSE.
An HDFC Bank spokesperson responded to the alegations saying that, “We were unaware of any such development (class action lawsuit) till we heard about it from the media a little earlier today. We are getting details of it. We’ll examine it and respond to it as appropriate. Prima facie it does look frivolous as we believe we have been transparent in our disclosures.”