AsianFin -- DiDi Global has agreed to a $740 million settlement to resolve claims it misled investors during its 2021 initial public offering, with the agreement expected to be submitted for approval by a Manhattan federal judge in mid-October, according to a lawyer for the plaintiffs.

The class-action lawsuit alleged the Chinese ride-hailing giant concealed and ignored a government order to delay its New York IPO until cybersecurity and privacy concerns were addressed. DiDi pressed ahead with the June 2021 offering, raising more than $4.4 billion and achieving a valuation of roughly $67.5 billion.

Shortly afterward, shares plunged when the Cyberspace Administration of China barred the company from signing up new customers and ordered the removal of its DiDi Travel app from app stores. In July 2022, the regulator imposed a $1.2 billion fine on the company for data-security violations.

In a letter to U.S. District Judge Lewis Kaplan, plaintiffs’ counsel said all sides are finalizing terms of the settlement and asked the court to suspend deadlines in the case until the agreement is formally presented.