NEW YORK, Dec. 13, 2017 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Qudian Inc. ("Qudian" or the "Company") (NYSE: QD) American Depository Shares ("ADSs") and certain of its officers, on behalf of shareholders who purchased pursuant to the Company's initial public offering on or about October 18, 2017 (the "IPO"). Such investors are encouraged to join this case by visiting the firm's site: http://www.bgandg.com/qd.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1933.
Qudian is a Chinese provider of online micro-lending credit products. Around September 18, 2017, the Company filed with the Securities and Exchange Commission ("SEC") its Registration Statement on Form F-1, and then multiple amendments on Form F-1/A, the last of which was filed on October 13, 2017 and declared effective by the SEC on October 17, 2017. On that day, the Defendants priced the IPO at $24.00 per ADS. On the following day, October 18, 2017, Qudian filed its final prospectus for the IPO, which forms part of the Registration Statement, and the stock began trading on the NYSE under the ticker symbol "QD."
The complaint alleges that Defendants made false and/or 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.
At the time the lawsuit was filed, Qudian's ADSs were trading at $13.19, which is roughly 45% lower than the $24.00 IPO price.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/qd or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Qudian you have until February 12, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
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