A lawsuit was filed on behalf of investors in Qudian Inc. (NYSE: QD) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 02/06/2020 -- An investor, who purchased shares of Qudian Inc. (NYSE: QD), filed a lawsuit in the U.S. over alleged violations of Federal Securities Laws by Qudian Inc.
Investors who purchased shares of Qudian Inc. (NYSE: QD) have certain options and for certain investors are short and strict deadlines running. Deadline: March 23, 2020. NYSE: QD investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
On January 16, 2020, Qudian announced "that the Company withdraws its fiscal 2019 guidance and will not issue guidance in the near term due to uncertainty related to the recent regulatory and operating environment." The press release stated that "China's online consumer finance industry was affected by several regulatory developments in the fourth quarter of 2019, including further restrictions on loan collection practices, more stringent user data privacy rules and the requirements for P2P lending platforms to orderly exit their P2P businesses," which had "reduced the availability of funding for consumer credit and driven up delinquency rates across the industry, including the Company's loan portfolio." Qudian further announced that its board of directors had "approved a new share repurchase program . . . that authorized the Company to repurchase up to US$500 million worth of its American depositary shares ('ADSs'), each representing one Class A ordinary share, and/or Class A ordinary shares during the next 30-month period."
The plaintiff claims that between December 13, 2018 and January 15, 2020, the Defendants made false and/or misleading statements and/or failed to disclose that regulatory developments in China threatened to negatively impact Qudian's fiscal full year 2019 ("FY19") financial results, that Qudian's business was unprepared to mitigate the risks associated with these regulatory changes, that as a result, Qudian's loan portfolio was plagued by growing delinquency rates, that all of the foregoing made Qudian's repeated assertions concerning its FY19 financial guidance unrealistic, and that as a result, the Company's public statements were materially false and misleading at all relevant times.
Those who purchased shares of Qudian Inc. (NYSE: QD) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
For more information on this press release visit:
Media Relations Contact
Email: Click to Email Michael Daniels