Kaplan Fox & Kilsheimer LLP has issued a reminder regarding the upcoming lead plaintiff deadline for the securities class action lawsuit against HDFC Bank Limited . Investors who purchased or acquired HDFC Bank securities, including American Depositary Shares (ADS), between July 17, 2023, and May 26, 2026, must file an application to serve as lead plaintiff no later than October 13, 2026. The firm joins Bronstein, Gewirtz & Grossman LLC and Rosen Law Firm in representing the proposed class.

The consolidated complaint alleges that HDFC Bank made materially false and misleading statements during the class period by failing to disclose that it camouflaged payments as marketing expenditures to pay above-market interest rates to a state-owned enterprise. Specifically, the suit cites reports that the bank funneled approximately Rs 45 crore (approximately $4.7 million USD) to the Maharashtra State Road Development Corporation ("MSRDC") to induce substantial deposits. This arrangement involved offering MSRDC a 6.01% interest rate, which was 2.51 percentage points higher than the rate paid to other depositors.

Legal Allegations and Financial Impact

According to the filing, these activities were approved by senior management and likely violated regulations as well as HDFC Bank’s own policies prohibiting improper inducements. The complaint alleges that as a result of this scheme, the bank’s interest income and operating expenses were overstated, rendering positive statements about its business and operations materially misleading. Furthermore, the complaint asserts that HDFC Bank’s securities traded at artificially inflated prices during the class period due to these failures to disclose.

The original disclosure of these activities triggered a significant market reaction. On May 27, 2026, following a report by The Indian Express detailing the scheme, HDFC Bank shares fell $1.02, or 4.1%, to close at $23.78 per share on heavy trading volume. An internal investigation conducted in March and April 2026 reportedly identified more than ten senior officials, including CEO Sashidhar Jagdishan, as responsible for the scheme.

What the Numbers Show

The alleged reclassification of Rs 45 crore in interest premiums as marketing costs highlights a divergence between reported operating expenses and actual funding costs. By characterizing the premium payment to MSRDC as sponsorship for a road safety awareness initiative, the bank potentially suppressed the visibility of its net interest margin pressure. The 2.51 percentage point spread represents a material concession that distorts the assessment of the bank’s true cost of funds if not properly disclosed.

Investor Action and Lead Plaintiff Deadline

Investors with losses incurred during the specified class period may contact any of the three law firms to discuss their rights. A lead plaintiff acts as the representative party for the class, directing the litigation strategy. Investors need not seek to become a lead plaintiff to share in any possible recovery.

To join the case via Rosen Law Firm, investors can visit https://rosenlegal.com/cases/hdfc-bank-limited/join or contact Phillip Kim, Esq., at 866-767-3653 or case@rosenlegal.com . For Kaplan Fox & Kilsheimer LLP, investors may email pmayer@kaplanfox.com or call (646) 315-9003. Investors interested in joining through Bronstein, Gewirtz & Grossman LLC can visit bgandg.com/cases/hdfc-bank-limited-hdb-class_action_lawsuit or contact Peretz Bronstein, Esq., or Nathan Miller at 917-590-0911. The firm represents investors on a contingency fee basis, meaning no fees are due unless the case is successful.

Securities litigation firm Kaplan Fox & Kilsheimer LLP and Schall, Brown & Schwartz LLP have joined the class action lawsuit filed on behalf of investors in HDFC Bank in the United States District Court for the Southern District of New York. Bernstein Liebhard LLP has also announced its participation in the case. The DJS Law Group has issued a notice reminding investors of their rights. Originally filed by Glancy Prongay Wolke & Rotter LLP, the case, captioned Soneji v. HDFC Bank Limited (Case No. 26-cv-06943), alleges that the bank and its defendants made materially false or misleading statements regarding the company's business, operations, and prospects. The Law Offices of Frank R. Cruz, Holzer & Holzer, LLC, Robbins LLP, Faruqi & Faruqi, Rosen Law Firm, Kirby McInerney LLP, Kaplan Fox & Kilsheimer LLP, Schall, Brown & Schwartz LLP, Bernstein Liebhard LLP, and now the DJS Law Group are participating in the litigation.

The Rosen Law Firm has issued a separate notice emphasizing its role in the case and urging investors to consider retaining qualified counsel with a strong track record. Rosen Law Firm states it represents investors globally and has recovered billions of dollars in securities class actions. The firm encourages investors to be "wise in selecting counsel," noting that not all firms issuing notices have comparable experience or resources. It highlights being ranked No. 1 by ISS Securities Class Action Services in 2017 and recovering over $438 million for investors in 2019 alone.

Schall, Brown & Schwartz LLP reminds investors of the opportunity to seek appointment as lead plaintiff. The firm specializes in securities class action lawsuits and shareholder rights litigation. Appointment as lead plaintiff is not required to partake in any recovery.

Bernstein Liebhard LLP notes that it has recovered over $3.5 billion for its clients since 1993. The firm has been named to The National Law Journal’s "Plaintiffs’ Hot List" thirteen times and listed in The Legal 500 for sixteen consecutive years. All representation is on a contingency fee basis, meaning shareholders pay no fees or expenses.

The lawsuit covers a class period from July 17, 2023, to May 26, 2026, inclusive. Claims are pursued under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5. Investors who acquired HDFC Bank securities during this window have until October 12, 2026, to file a motion with the court to serve as lead plaintiff.

Allegations and Timeline

The complaint centers on two primary events that triggered significant declines in the bank's American Depositary Shares (ADS) price.

On March 18, 2026, HDFC Bank reported the resignation of Atanu Chakraborty as part-time Chairman and Independent Director. In his resignation letter, Chakraborty stated that certain practices observed within the bank over the previous two years were not congruent with his personal values and ethics. Following this disclosure, the price of HDFC's ADS fell $2.09, or 7.28%, to close at $26.62 per share on unusually heavy trading volume.

A second material event occurred on May 27, 2026, when The Indian Express published a report alleging that HDFC Bank had "camouflaged" approximately Rs 45 crore ($4.7 million USD) as marketing spend to pay higher interest to the Maharashtra State Road Development Corporation (MSRDC). According to the report, the bank offered MSRDC an interest rate of 6.01%, which was a 2.51% markup over rates offered to other savings accounts. This markup was allegedly disguised as sponsorship payments for a road safety awareness campaign run by MSRDC. An internal probe conducted in March and April 2026 reportedly concluded that over ten top officials, including CEO Sashidhar Jagdishan, bore responsibility for these activities. On this news, HDFC's ADS price fell $1.02, or 4.1%, to close at $23.78 per share.

Legal Claims

The lawsuit alleges that defendants failed to disclose several material facts:

• HDFC Bank camouflaged payments as marketing spend to induce deposits from a state firm by offering higher interest rates.
• These activities were approved by senior management.
• The activities likely violated regulations and internal policies prohibiting improper inducement payments.
• As a result, the company's interest income and operating expenses were overstated.
• Positive statements made by defendants regarding the company's business and prospects were materially misleading and lacked a reasonable basis.

What the Numbers Show

The market reaction to the disclosed governance issues was immediate and sharp. The ADS price dropped 7.28% following the Chairman's resignation and fell a further 4.1% after reports of the alleged payment irregularities emerged. Together, these two events resulted in a cumulative decline of over 11% in the share price within three months, highlighting investor sensitivity to corporate governance risks and potential regulatory violations.

Investor Action

Investors who suffered losses on their HDFC Bank investments are advised to contact either of the following firms to inquire about pursuing claims:

• Glancy Prongay Wolke & Rotter LLP: Charles H. Linehan at shareholders@glancylaw.com
• Law Offices of Howard G. Smith: Howard G. Smith at howardsmith@howardsmithlaw.com or by telephone at (215) 638-4847
• Law Offices of Frank R. Cruz: Contact via email at info@frankcruzlaw.com or by telephone at (310) 914-5007
• Holzer & Holzer, LLC: Corey D. Holzer at cholzer@holzerlaw.com or by telephone at (888) 508-6832
• Rosen Law Firm: Attorney Phillip Kim at case@rosenlegal.com or by telephone at (866) 767-3653
• Robbins LLP: Attorney Aaron Dumas, Jr. at adumas@robbinsllp.com or by telephone at (800) 350-6003
• Faruqi & Faruqi, LLP: James (Josh) Wilson at 877-247-4292 or 212-983-9330 (Ext. 1310)
• Kirby McInerney LLP: Lauren Molinaro at investigations@kmllp.com or by telephone at 212-699-1171
• Kaplan Fox & Kilsheimer LLP: Pamela A. Mayer at pmayer@kaplanfox.com or by telephone at (646) 315-9003; Laurence D. King at lking@kaplanfox.com or by telephone at (415) 772-4704
• Schall, Brown & Schwartz LLP: Brian Schall or David Schwartz at 310-301-3335 or email at david@schallfirm.com
• DJS Law Group: David J. Schwartz at David@djslawllp.com or by telephone at 914-206-9742
• Bernstein Liebhard LLP: Peter Allocco at pallocco@bernlieb.com or by telephone at (212) 951-2030

To be considered for appointment as lead plaintiff, interested parties must file a motion with the court specifically by October 12, 2026. Participation in the class does not require immediate action; members may retain counsel of their choice or remain absent members of the class.