BENSALEM, Pa., Jan. 27, 2020 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith reminds investors that class action lawsuits have been filed on behalf of shareholders of the following publicly-traded companies. Investors have until the deadlines listed below to file a lead plaintiff motion.
Investors suffering losses on their investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in these class actions at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
X Financial (NYSE: XYF)
Class Period: ADSs pursuant and/or traceable to the September 19, 2018 IPO
Lead Plaintiff Deadline: February 7, 2020
The complaint filed in this class action alleges that Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company's total loan facilitation amount was not growing, but rather was contracting; (2) that the number of investors actively using X Financial's platform was shrinking; (3) that demand from small- and medium-sized enterprises for the Company's preferred loans was plummeting; (4) that the Company's preferred loans had performed so poorly that it had begun drastically scaling back its preferred loans in the first quarter of 2018, several months before the IPO, and was in the process of phasing out such loans completely; (5) that demand for the Company's card loans was also plummeting; (6) that the revenue and loan facilitation growth provided in the registration statement leading up to the IPO was achieved by relaxed credit and due diligence standards, under which the Company had underwritten tens of millions of dollars' worth of poor quality loans that suffered from a disproportionately high risk of default as compared to the Company's earlier loan vintages; (7) that the Company was suffering from accelerated delinquency rates from poor quality loans that it had underwritten in the first, second, and third quarters of 2018, which had caused the Company's delinquency rate to sharply rise; (8) that the Company's product mix had significantly deteriorated; (9) that the Company's net revenue was on track to decline by 22% during the third quarter of 2018; and (10) that as a result, the IPO Registration Statement was materially false and/or misleading and failed to state information required to be stated therein.
Baozun Inc. (NASDAQ: BZUN)
Class Period: March 6, 2019 - November 20, 2019
Lead Plaintiff Deadline: February 10, 2020
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Baozun was heavily reliant upon a single brand partner, Huawei, for the exponential service fee growth it had been reporting historically, which was in turn fueling its historical revenue growth; (2) that, compared to other brands Baozun had as brand partners, the Huawei work had historically included a lot of additional add-on service fees, increasing the revenue reported from Huawei vis-à-vis its other brand partners; (3) that Huawei, like other large brands, was actively preparing to bring its online merchandising in-house, meaning Baozun knew that it was losing a significant brand partner; and (4) that, as a result of the foregoing, the Company was not on track to achieve the financial results and performance Defendants claimed the Company was on track to achieve during the class period.
Adamas Pharmaceuticals, Inc. (NASDAQ: ADMS)
Class Period: August 8, 2017 - September 30, 2019
Lead Plaintiff Deadline: February 10, 2020
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that health insurers were excluding Adamas's primary product, GOCOVRI, from their prescription formularies or requiring patients to use "step therapy" - i.e., making patients try immediate-release amantadine prior to covering GOCOVRI; (2) that the rapid increase in physicians prescribing GOCOVRI during the Class Period was not due to its efficacy; and (3) that as a result of the foregoing, the Company's financial statements about Adamas's business, operations, and prospects were materially false and misleading at all relevant times.
Mohawk Industries, Inc. (NYSE: MHK)
Class Period: April 28, 2017 – July 25, 2019
Lead Plaintiff Deadline: March 3, 2020
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company engaged in deceptive and unsustainable sales practices to mask declining customer demand for its Conventional Flooring products; (2) that Mohawk’s increasing inventories was not the result of increasing inflation or the Company’s backward integration, but instead the result of the Company deliberately stuffing the channels with Conventional Flooring Products to boost sales; and (3) that as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
To be a member of these class actions, you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about these class actions, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
