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Hepsiburada Securities Litigation

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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



SUBMIT A PROOF OF CLAIM FORM

Proof of Claim and Release forms must be postmarked (if mailed) or received (if
submitted online) on or before September 27, 2023. This is the only way to get a
payment.

EXCLUDE YOURSELF

Submit a request for exclusion no later than July 10, 2023. This is the only way
you can ever be part of any other lawsuit against the Defendants or the other
Released Parties relating to the legal claims in this case. If you exclude
yourself, you will receive no payment and cannot object or speak at the hearing.

OBJECT 

Write to the Court no later than July 18, 2023 about why you do not like the
Settlement. You can still submit a Proof of Claim and Release form. If the Court
approves the Settlement, you will be bound by it.

GO TO THE SETTLEMENT HEARING ON AUGUST 1, 2023

Ask to speak in Court about the fairness of the Settlement at the hearing on
August 1, 2023. You can still submit a Proof of Claim and Release. If the Court
approves the Settlement, you will be bound by it. 

DO NOTHING

Get no payment AND give up your right to bring your own individual action
relating to the claims asserted in the Actions.



IMPORTANT DATES AND DEADLINES

Submit Proof of Claim

September 27, 2023

Request Exclusion

July 10, 2023

Submit Written Objection

July 18, 2023

Submit Notice of Intent to Appear 

July 18, 2023

Settlement Hearing 

August 1, 2023, at 2:00 P.M. EST 

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