Full Truck Alliance Co. Ltd. Announces Substantial Completion of Independent Investigation

Full Truck Alliance Co. Ltd. (NYSE: YMM) announced on March 8, 2023, that its Audit Committee has completed a substantial independent investigation regarding allegations made in the January 24, 2023, J Capital Research report.

Rhea-AI Summary

Full Truck Alliance Co. Ltd. (NYSE: YMM) announced on March 8, 2023, that its Audit Committee has completed a substantial independent investigation regarding allegations made in the January 24, 2023, J Capital Research report. The investigation, conducted with no prior relationships to the Company, found no evidence to support claims of systematic GTV inflation or illegal transactions. The Committee concluded the report displayed a lack of understanding of the Company’s business operations. Full Truck Alliance continues to aim for smarter logistics and enhanced service delivery through its digital freight platform.

Positive

• Independent investigation concluded without substantiating any key allegations from the J Capital report.
• Audit Committee employed independent advisors with no prior ties to the company for the investigation.

Negative

• None.

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GUIYANG, China, March 8, 2023 /PRNewswire/ -- Full Truck Alliance Co. Ltd. ("FTA" or the "Company") (NYSE: YMM), a leading digital freight platform, today announced that the Audit Committee of the Board of Directors (the "Audit Committee") has substantially completed an independent investigation (the "Independent Investigation") of the key allegations raised by a report issued by J Capital Research USA LLC, a short seller, on January 24, 2023 (the "J Capital Report"). The Audit Committee retained professional advisors that have no prior relationship with the Company, including an international law firm and forensic accounting experts from a Big-Four accounting firm, to assist in the Independent Investigation. 

Based on the Independent Investigation, the Audit Committee has concluded that none of the key allegations in the J Capital Report could be substantiated. The J Capital Report displays an evident lack of understanding of the Company's business. The Independent Investigation identified no evidence of systematic GTV inflation through the alleged schemes. Neither is there any evidence indicating that the key transactions of the Company with its investees or shareholders referenced in the J Capital Report could have violated the applicable laws or regulations. 

About Full Truck Alliance Co. Ltd.

Full Truck Alliance Co. Ltd. (NYSE: YMM) is a leading digital freight platform connecting shippers with truckers to facilitate shipments across distance ranges, cargo weights and types. The Company provides a range of freight matching services, including freight listing, freight brokerage and online transaction services. The Company also provides a range of value-added services that cater to the various needs of shippers and truckers, such as financial institutions, highway authorities, and gas station operators. With a mission to make logistics smarter, the Company is shaping the future of logistics with technology and aspires to revolutionize logistics, improve efficiency across the value chain and reduce its carbon footprint for our planet. For more information, please visit ir.fulltruckalliance.com.

Safe Harbor Statement

This press release contains statements that may constitute "forward-looking" statements which are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," and similar statements. Statements that are not historical facts, including statements about the Company's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: FTA's goal and strategies; FTA's expansion plans; FTA's future business development, financial condition and results of operations; expected changes in FTA's revenues, costs or expenses; industry landscape of, and trends in, China's road transportation market; competition in FTA's industry; FTA's expectations regarding demand for, and market acceptance of, its services; FTA's expectations regarding its relationships with shippers, truckers and other ecosystem participants; FTA's ability to protect its systems and infrastructures from cyber-attacks; PRC laws, regulations, and policies relating to the road transportation market, as well as general regulatory environment in which FTA operates in China; the results of regulatory review and the duration and impact of any regulatory action taken against FTA; the impact of COVID-19 outbreaks, extreme weather conditions and production constraints brought by electricity rationing measures; general economic and business condition; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

Full Truck Alliance Co. Ltd.
Mao Mao
E-mail: IR@amh-group.com

The Piacente Group, Inc.
Emilie Wu
Tel: +86-21-6039-8363
E-mail: FTA@thepiacentegroup.com

In the United States:

The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: FTA@thepiacentegroup.com

View original content:https://www.prnewswire.com/news-releases/full-truck-alliance-co-ltd-announces-substantial-completion-of-independent-investigation-301765552.html

SOURCE Full Truck Alliance Co. Ltd.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were the results of the independent investigation by Full Truck Alliance Co. Ltd.?

The independent investigation concluded that key allegations raised by J Capital Research were unsubstantiated.

When was the independent investigation into Full Truck Alliance completed?

The investigation was substantially completed on March 8, 2023.

What is the significance of the J Capital Research report for Full Truck Alliance?

The J Capital Research report raised allegations that were found to be unfounded by the Audit Committee's independent investigation.

What is Full Truck Alliance's stock symbol?

Full Truck Alliance is listed under the stock symbol NYSE: YMM.