RADNOR, Pa., Dec. 20, 2017 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against Qudian Inc. (NYSE: QD) ("Qudian" or the "Company) on behalf of investors who purchased the Company's securities between October 18, 2017 and November 20, 2017, inclusive (the "Class Period").
Investors who purchased Qudian securities during the Class Period may, no later than February 12, 2018, seek to be appointed as a lead plaintiff representative of the class. For additional information please visit www.ktmc.com/new-cases/qudian-inc#join.
Qudian investors who wish to discuss their legal rights or interests with respect to this action are encouraged to contact Kessler Topaz Meltzer & Check (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (888) 299 – 7706 or (610) 667–7706, or via e-mail at email@example.com.
Qudian operates online consumer finance platforms in the People's Republic of China. The Company offers small-sized cash credit products and merchandise credit products. On October 18, 2017, Qudian completed an initial public offering ("IPO") of its securities, selling over 43 million shares to investors at $24.00 per share, for gross proceeds of over $1 billion.
The stockholder class action complaint alleges that Qudian's IPO documents were negligently prepared, contained untrue statements of material fact, and were not prepared in accordance with the rules and regulations governing their preparation. Among other things, the complaint alleges that Qudian's IPO documents failed to disclose that: (1) Qudian engaged into unethical business and accounting practices, (2) Qudian failed to maintain adequate control to ensure the protection and safety of its users' personal information, and (3) consequently, Qudian was exposing detailed user data to leakages and online resale.
On November 21, 2017, Bloomberg published an article entitled "Chinese Online Lender Qudian Reportedly Suffers Data Leak Related to Millions of Student Users." Following that news, shares of the Company's securities declined to as low as $12.22 per share on November 24, 2017.
Qudian shareholders may, no later than February 12, 2018, petition the Court to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
SOURCE Kessler Topaz Meltzer & Check, LLP