(Yicai Global) Sept.6 -- Several US law firms have encouraged investors to file class action lawsuits against JD.Com, China's second-largest e-commerce platform, while alleging that the firm has disclosed misleading information that has caused losses in excess of USD100,000 to its investors.

The Schall Law Firm, Pomerantz LLP and Rosen Law Firm are separately investigating claims on behalf of shareholders who have lost money as JD.Com's share price has plunged in the past days to pare 33 percent of its value since six months ago.

"Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of JD.com Inc. (NASDAQ: JD) resulting from allegations that JD.com may have issued materially misleading business information to the investing public," the New York-based company posted on its website on Sept. 4.

The Beijing-based firm's founder and Chief Executive Richard Liu was arrested on Aug. 31 due to allegations of sexual misconduct during his stay in Minnesota for studies. After about 16 hours Liu was released and he is now back to work in China. The Minnesota law enforcement is still investigating the case.

Affected by the news, JD.Com's share price fell more than 16 percent in the past two trading days, and USD7 billion has been wiped off its market cap. Today the stock price [NASDAQ: JD] slid 10.64 percent further to USD26.30 at 3.14 p.m.

According to the US securities laws, public companies must truthfully disclose any legal issues facing them and their senior executives. They should not conceal related information or issue inaccurate data. A company failing to do so may jeopardize the interests of its investors.

"During a business trip to the United States, Mr. Liu was questioned by police in Minnesota in relation to an unsubstantiated accusation," JD.Com said in a statement after the incident. "The local police quickly determined there was no substance to the claim against Mr. Liu, and he was subsequently able to resume his business activities as originally planned."

The chief executive, known in China as Liu Qiangdong, held 79.5 percent of JD.Com's voting rights, which means that he "has a huge influence over important matters in the company," the latest annual report published on Feb. 28 shows.

Investors who lost more than USD100,000 had contacted The Schall Law Firm to reclaim their funds, the Chicago-based company said. Pomerantz announced it is also investigating claims sparked by inaccurate information.

Liu Qiangdong's personal freedom of movement is not restricted, John Elder, public information officer at Minneapolis Police Department, told Yicai Global on Sept. 3, adding that it does not mean that he is innocent. Records from the police show that Liu was brought in due to allegations of rape.

Editor: Emmi Laine