LEAD PLAINTIFF DEADLINE IS MARCH 23, 2020
NEW YORK, Feb. 04, 2020 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action has been filed in the United States District Court for the Southern District of New York on behalf of investors in Qudian Inc. ("Qudian" or the "Company") (NYSE:QD) who purchased American Depositary Receipts (“ADR’s”) of Qudian between December 13, 2018 and January 15, 2020, both dates inclusive (the "Class Period").
All investors who purchased American Depositary Receipts of Qudian Inc.and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information and join the action on our website, www.whafh.com.
If you have incurred losses in the ADR’s of Qudian Inc., you may,no later than March 23, 2020, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Qudian Inc.
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The filed Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies.
Specifically, 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;
- Qudian's business was unprepared to mitigate the risks associated with these regulatory changes;
- as a result, Qudian's loan portfolio was plagued by growing delinquency rates;
- all of the foregoing made Qudian's repeated assertions concerning its FY19 financial guidance unrealistic; and
- as a result, the Company's public statements were materially false and misleading at all relevant times.
On January 16, 2020, Qudian issued a press release announcing "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."
On this news, Qudian's ADR price fell $0.84 per share, or 19.13%, to close at $3.55 per share on January 16, 2020.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com to join this action.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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