NEW YORK, Jan. 19, 2018 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Qudian Inc. ("Qudian" or the "Company") (NYSE: QD) of the February 12, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Qudian American Depositary Shares ("ADSs") pursuant to the Company's initial public offering ("IPO") on or about October 18, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/QD. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected]
FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Qudian ADSs pursuant to the Company's IPO. The case, Ramnath v. Qudian Inc., et al., No. 1:17-cv-9741, was filed on December 12, 2017.
The lawsuit focuses on whether the Company violated federal securities laws by making false and/or misleading statements in the IPO's Registration Statement by failing to disclose that: (i) Qudian's loan collection practices were materially deficient and/or nonexistent as the Company treated bad loans as welfare, and (ii) Qudian's data systems and procedures were materially inadequate to safeguard sensitive borrower data against breach, and that breaches had occurred.
Specifically, on or about September 18, 2017, Qudian filed with the Securities and Exchange Commission ("SEC") its Registration Statement on Form F-1, which would later be utilized in the IPO following multiple amendments on Form F-1/A—the last of which was filed on October 13, 2017—and being declared effective by the SEC on October 17, 2017. On October 17, 2017, the Defendants priced the IPO at $24.00 per ADS. Then, on or about October 18, 2017, Qudian filed the final prospectus for the IPO, which forms part of the Registration Statement. That same day, Qudian ADSs began trading on the NYSE under the ticker symbol "QD."
At the time of the filing of the lawsuit, Qudian's ADSs were trading at $13.19, which is approximately 45% lower than the $24.00 IPO price.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Qudian's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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