LU Investor Alert: Lufax Holding Ltd Securities Fraud Lawsuit - Investors With Losses May Seek to Lead the Class Action After Company Allegedly Concealed Auditor Red Flags: Levi & Korsinsky
The Red Flags: What Insiders Allegedly Knew Before Shareholders Did
NEW YORK, April 22, 2026 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Lufax Holding Ltd (NYSE: LU) that a class action has been filed on behalf of shareholders who purchased securities between April 7, 2023 and January 26, 2025. Submit your information to recover losses. You may also contact Joseph E. Levi, Esq. at [email protected] or (212) 363-7500.
Lufax ADS holders lost $0.63 per share over three consecutive trading sessions in late January 2025 after the Company's auditor, PricewaterhouseCoopers, withdrew its audit opinions for fiscal years 2022 and 2023. The lead plaintiff deadline is May 20, 2026.
What They Allegedly Knew
The securities action maintains that Lufax's leadership was aware of internal control deficiencies that rendered the Company's reported financial results unreliable. In both 2022 and 2023 Annual Reports, the Company certified that its internal controls over financial reporting were effective. A re-audit later confirmed net profit had been overstated by RMB 917.0 million for 2022 and RMB 81.4 million for 2023.
The Red Flags That Emerged
Plaintiffs contend that a series of warning signs preceded the January 2025 corrective disclosure:
- In October 2024, PwC learned of possible undisclosed related party transactions during a conversation with a then-current senior executive
- PwC reported the conversation to the Audit Committee in November 2024
- In December 2024, PwC formally requested an independent investigation into the matter
- The Audit Committee allegedly declined to share its investigation conclusions with PwC
- PwC stated it could no longer rely on management representations made during the 2022 and 2023 audits
- Total income for 2022 had been overstated by RMB 493.8 million while total expenses required adjustments of RMB 473.5 million
Inside Knowledge vs. Public Statements
The lawsuit asserts that while the Company's SOX certifications told shareholders that disclosure controls were effective, the underlying reality was materially different. The Company's own subsequent re-audit confirmed that certain line items were inaccurately recorded in previously issued financial statements, the action claims.
Act now to protect your rights or call (212) 363-7500.
"The timeline raises important questions about when certain risks were known internally versus when they were disclosed to the investing public. Shareholders who purchased Lufax securities during this period deserve answers about the gap between management certifications and the financial restatements that followed." -- Joseph E. Levi, Esq.
ABOUT THE FIRM -- Levi & Korsinsky represents investors in securities class actions nationwide, with a track record of recovering hundreds of millions for shareholders harmed by alleged corporate concealment. Ranked among ISS Top 50 for seven consecutive years. Lead plaintiff applications must be submitted by May 20, 2026.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
Tel: (212) 363-7500
Fax: (212) 363-7171
SOURCE Levi & Korsinsky, LLP
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