NEW YORK, Dec. 14, 2017 /PRNewswire/ -- Scott+Scott, Attorneys at Law, LLP ("Scott+Scott"), a national securities and consumer rights litigation firm, is notifying investors that a class action lawsuit has been filed against Qudian, Inc. (NYSE: QD) ("Qudian" or the "Company") and other defendants, related to alleged violations of federal securities laws. If you purchased Qudian American Depository Shares ("ADS") in or traceable to the Company's initial public offering ("IPO"), held on or about October 18, 2017, or if you purchased Qudian ADS after October 18, 2017, you are encouraged to contact a Scott+Scott attorney at (844) 818-6980 for additional information.
Qudian is a Chinese provider of online micro-lending credit products. The Company offers cash credit products which includes funds in digital form and merchandise credit products. Qudian serves customers in China.
The lawsuit claims materially false and misleading statements were made regarding Qudian's loan collection practices and the security of its borrowing data.
On November 21, 2107, 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 News reported that "Chinese regulators and police are investigating a potential leak of data" from Qudian.
Since the IPO, the price of Qudian ADS has dropped precipitously. As of the time of this writing, the Company's ADS are trading at $13.44, approximately 44% lower than the IPO price of $24.00.
What You Can Do
If you purchased Qudian ADS on or after October 18, 2017, or if you have questions about this notice or your legal rights, please contact attorney Rhiana Swartz at (844) 818-6980, or at email@example.com. Investors have until February 12, 2018, to move for lead plaintiff.
About Scott+Scott, Attorneys at Law, LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
SOURCE Scott+Scott, Attorneys at Law, LLP