NEW YORK, NY / ACCESSWIRE / August 13, 2020 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of HDFC Bank Limited ("HDFC" the "Company") (NYSE:HDB). Investors who purchased HDFC securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/hdb.
The investigation concerns whether HDFC and certain of its officers and/or directors have violated federal securities laws.
On July 13, 2020, The Economic Times reported that HDFC Bank had "conducted a probe into allegations of improper lending practices and conflicts of interests in its vehicle-financing operations involving the unit's former head." On this news, HDFC Bank's American depositary receipt price fell $1.37 per share, or 2.83%, to close at $47.02 per share on July 13, 2020. On July 19, 2020, HDFC Bank reported its financial results for the first quarter of the Bank's 2021 fiscal year, missing analyst estimates with respect to net profit and reporting a deterioration in its asset quality. Then, on August 6, 2020, the publication The Print reported that in July 2020, Experian Plc's Indian unit had informed the Reserve Bank of India that "HDFC Bank has been late in providing details of its loans, including the repayment status of its millions of retail borrowers" and that "[s]uch tardiness has been an issue for about two years."
If you are aware of any facts relating to this investigation, or purchased HDFC shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/hdb. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
SOURCE: Bronstein, Gewirtz & Grossman, LLC
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