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 (firstname.lastname@example.org) 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.
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SOURCE Johnson Fistel, LLP