SAN DIEGO, Dec.14, 2017
/PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP
announces that a class action complaint has been filed on behalf of
all purchasers Qudian Inc. ("Qudian") (NYSE: QD) American
Depository Shares (ADS) pursuant to the Company's October 18, 2017 initial public offering ("IPO").
Qudian operates online consumer finance platforms in the People's Republic of China. It offers
small cash and merchandise credit products.
On October 17, 2017, Qudian issued
37.5 ADS's at $24 per share in its
IPO. Qudian's ADS's were trading at $13.19, when the lawsuit was filed, which is
approximately 45% lower than the $24.00 IPO price.
On November 21, 2017, Chinese
media reported that the personal information of millions of Qudian
customers was allegedly available for sale on the black market. On
November 23, 2017, Bloomberg reported
that "Chinese regulators and police are investigating a potential
leak of data" from Qudian.
The complaint alleges that Defendants made false and misleading
statements in the IPO's Registration Statement by failing to
disclose that: (1) Qudian's loan collection practices were
materially deficient and/or nonexistent as the Company treated bad
loans as welfare, and (2) Qudian's data systems and procedures were
materially inadequate to safeguard sensitive borrower data against
breach, and that breaches had occurred.
If you wish to serve as a lead plaintiff, you must move the
Court no later than February 12,
2017.
If you wish to discuss this action, have any questions
concerning this notice, or your rights or interests, please contact
please contact Jim Baker
(jimb@johnsonfistel.com) by email or phone at
619-814-4471. If emailing, please include a phone number.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally
recognized shareholder rights law firm with offices in California, New
York and Georgia. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit
http://www.johnsonfistel.com. Attorney advertising. Past results do
not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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SOURCE Johnson Fistel, LLP