Hepsiburada Announces Finalization of Class Actions and Changes to the Executive Management Team
October 24 2023 - 4:15PM
D-MARKET Electronic Services & Trading (d/b/a “Hepsiburada”)
(NASDAQ: HEPS), a leading Turkish e-commerce platform (referred to
herein as “Hepsiburada” or the “Company”), today announced the
finalization of the class actions and changes to its executive
management team.
Class Actions Finalized
As disclosed previously, the Company was a
defendant in dual-track class action lawsuits, namely, (i) the
action filed on September 28, 2021, with the lead plaintiff
IWA-Forest Industry Pension Plan, before the United States District
Court, Southern District of New York (“Federal Court”) under the
case no: 1:21-cv-08634-PKC (“Federal Action”); and (ii) the action
filed on October 21, 2021, before the State Court under the case
no. 655701/2021 (“State Action”). The Company had reached a
settlement with the Plaintiffs of both the Federal Action and the
State Action (“Settlement”), subject to an approval and/or entry of
judgment of the respective courts regarding the stipulation of the
Settlement. The Federal Action was finally concluded on August 1,
2023 with the order and final judgment of the Federal Court
approving the settlement. The Company announces that on September
22, 2023 the State Action is dismissed by the State Court with
prejudice and the appeal period regarding the State Action has now
expired. As a result, both the Federal Action and the State Action
have been finally resolved without admission of any wrongdoing.
Changes to the Executive Management
Team
Company’s former Chief Commercial Officer
(“CCO”), Mr. Murat Büyümez, who had taken a leave of absence, has
decided to step down from his position effective October 20, 2023.
Mr. Ender Özgün will continue to serve under the title of the CCO.
The marketing department previously reporting to the CCO is
reorganized to report to the Chief Executive Officer.
Forward-Looking Statements
This press release includes forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, Section 21E of the Securities Exchange Act of
1934, as amended and the Safe Harbor provisions of the US Private
Securities Litigation Reform Act of 1995, and encompasses all
statements, other than statements of historical fact contained in
this press release and include but are not limited to statements
regarding Hepsiburada’s management changes. These forward-looking
statements can be identified by terminology such as “may,” “could,”
“will,” “expects,” “anticipates,” “aims,” “future,” “intends,”
“plans,” “believes,” “estimates,” “targets,” “likely to” and
similar statements.
These forward-looking statements are based on
management’s current expectations. However, it is not possible for
our management to predict all risks, nor can we assess the impact
of all factors on our business or the extent to which any factor,
or combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements
we may make. These statements are neither promises nor guarantees
but involve known and unknown risks, uncertainties and other
important factors and circumstances that may cause Hepsiburada’s
actual results, performance or achievements to be materially
different from its expectations expressed or implied by the
forward-looking statements, including conditions in the U.S.
capital markets, negative global economic conditions, potential
negative developments resulting from epidemics or natural
disasters, other negative developments in Hepsiburada’s business or
unfavorable legislative or regulatory developments. We caution you
therefore against relying on these forward-looking statements, and
we qualify all of our forward-looking statements by these
cautionary statements. For a discussion of additional factors that
may affect the outcome of such forward-looking statements, see our
2022 annual report filed with the SEC on Form 20-F on May 1, 2023
(Commission File Number: 001-40553), and in particular the “Risk
Factors” section, as well as the other documents filed with or
furnished to the SEC by Hepsiburada from time to time. Copies of
these filings are available online from the SEC at www.sec.gov, or
on the SEC Filings section of our Investor Relations website at
https://investors.hepsiburada.com. These and other important
factors could cause actual results to differ materially from those
indicated by the forward-looking statements made in this press
release. Any such forward-looking statements represent management’s
estimates as of the date of this press release. These
forward-looking statements should not be relied upon as
representing Hepsiburada’s views as of any date subsequent to the
date of this press release. All forward-looking statements in this
press release are based on information currently available to
Hepsiburada, and Hepsiburada and its authorized representatives
assume no obligation to update these forward-looking statements in
light of new information or future events. Accordingly, undue
reliance should not be placed upon the forward-looking
statements.
About Hepsiburada
Hepsiburada is a leading e-commerce technology
platform in Türkiye, connecting over 59 million members with
approximately 195 million stock keeping units across over 30
product categories. Hepsiburada provides goods and services through
its hybrid model combining first-party direct sales (1P model) and
a third-party marketplace (3P model) with 101,300 merchants.
With its vision of leading the digitalization of
commerce, Hepsiburada acts as a reliable, innovative and
purpose-led companion in consumers’ daily lives. Hepsiburada’s
e-commerce platform provides a broad ecosystem of capabilities for
merchants and consumers including: last-mile delivery and
fulfilment services, advertising services, on-demand grocery
delivery services, and payment solutions offered through Hepsipay,
Hepsiburada’s payment companion and BNPL solutions provider.
HepsiGlobal offers a selection from international merchants through
its inbound arm while outbound operations aim to enable merchants
in Türkiye to make cross-border sales.
Since its founding in 2000, Hepsiburada has been
purpose-led, leveraging its digital capabilities to develop the
role of women in the Turkish economy. Hepsiburada started the
‘Technology Empowerment for Women Entrepreneurs’ programme in 2017,
which has supported over 45.4 thousand female entrepreneurs
throughout Türkiye to reach millions of customers with their
products.
Investor Relations
Contactir@hepsiburada.com
Media
Contactcorporatecommunications@hepsiburada.com
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