The Law Offices of Frank R. Cruz Announces Investigation on Behalf of X Financial Investors (XYF)
January 14 2020 - 6:20PM
Business Wire
The Law Offices of Frank R. Cruz announces an investigation on
behalf of X Financial (“X Financial” or the “Company”) (NYSE: XYF)
investors concerning the Company and its officers’ possible
violations of federal securities laws.
If you are a shareholder who suffered a loss, click here to
participate.
In September 2018, the Company completed its initial public
offering (“IPO”) selling 11.7 million American Depositary Shares
(“ADSs”) at $9.50 per ADS.
On November 19, 2018, X Financial announced its third quarter
2018 financial results, reporting that its delinquency rate for
loans was 3.51%, or more than a 40% increase from the prior
quarter.
Then, on May 21, 2019, X Financial acknowledged that it was
unlikely to achieve significant loan or revenue growth because its
preferred loan business had failed over the last year and that it
would shelve the entire business.
As of November 22, 2019, X Financial’s share price has fallen
$7.76 per share, or more than 81%, from the initial IPO price of
$9.50 per share.
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If you purchased X Financial securities, have information or
would like to learn more about these claims, or have any questions
concerning this announcement or your rights or interests with
respect to these matters, please contact Frank R. Cruz, of The Law
Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los
Angeles, California 90067 at 310-914-5007, by email to
info@frankcruzlaw.com, or visit our website at
www.frankcruzlaw.com. If you inquire by email please include your
mailing address, telephone number, and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20200114005877/en/
The Law Offices of Frank R. Cruz, Los Angeles Frank R. Cruz,
310-914-5007 fcruz@frankcruzlaw.com www.frankcruzlaw.com
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