LU Investor Alert: Lufax Holding Ltd Securities Fraud Lawsuit - Investors With Losses May Seek to Lead the Class Action After Executives Allegedly Misled on Financial Accuracy: Levi & Korsinsky
Key Dates and Disclosure Events Shareholders Need to Know
NEW YORK, April 29, 2026 /PRNewswire/ -- Levi & Korsinsky, LLP encourages investors who suffered losses in Lufax Holding Ltd (NYSE: LU) to contact the firm. WHO IS AFFECTED: Those who purchased Lufax securities between April 7, 2023 and January 26, 2025 may be entitled to recover damages. Find out if you are eligible to recover losses. You may also contact Joseph E. Levi, Esq. at [email protected] or (212) 363-7500.
Lufax ADSs declined from $2.89 to $2.26 over three consecutive trading sessions in late January 2025 after corrective disclosures revealed that previously reported financials for 2022 and 2023 could no longer be relied upon. Net profit was overstated by RMB 917.0 million for 2022 and RMB 81.4 million for 2023. Investors have until May 20, 2026 to seek lead plaintiff status.
April 7, 2023: The First Certification
The Company filed its 2022 Annual Report on Form 20-F, accompanied by SOX certifications. Management attested that internal controls over financial reporting were effective as of December 31, 2022. The securities action contends these certifications were false when made, as Lufax had deficient internal controls at that time.
April 23, 2024: The Second Certification
Lufax filed its 2023 Annual Report, again certifying effective internal controls and disclosure procedures as of December 31, 2023. The lawsuit asserts that management repeated materially false representations about the integrity of the Company's financial reporting systems.
October 25, 2024: The Subject Conversation
PwC received information during an oral conversation with a then-current senior executive that raised concerns about certain possible related party transactions, according to the filing. This conversation set off a chain of events that would ultimately unravel two years of financial certifications.
Chronology of Material Events
- April 7, 2023: 2022 Annual Report filed with SOX certifications claiming effective internal controls; the complaint alleges these were materially false
- April 23, 2024: 2023 Annual Report filed with identical internal control certifications; the action claims these were also materially false
- October 25, 2024: PwC learned of the Subject Transactions through a conversation with a senior executive, as set forth in the complaint
- November 25, 2024: PwC orally reported its concerns to Lufax's Audit Committee
- December 11, 2024: PwC issued a written letter requesting an expert and independent investigation
- January 16, 2025: PwC was orally notified of its removal as auditor
- January 27, 2025: Lufax disclosed the auditor removal and PwC's withdrawal of reliance on its 2022 and 2023 audit opinions; ADSs fell 13.8%
Submit your claim before the deadline or call (212) 363-7500.
"Timely disclosure of material developments is fundamental to fair and efficient markets. The timeline in this case raises questions about a significant gap between when internal problems surfaced and when shareholders were informed." -- Joseph E. Levi, Esq.
ABOUT THE FIRM -- For over two decades, Levi & Korsinsky has represented shareholders in securities class actions. Ranked in ISS Top 50 for seven consecutive years. Those wishing to serve as lead plaintiff must act 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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