Hepsiburada Announces Finalization of Class Actions and Changes to the Executive Management Team

ISTANBUL, Turkey, Oct. 24, 2023 (GLOBE NEWSWIRE) -- 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.