Kirby McInerney LLP Advises Qudian Inc. Investors of Potential Claims
15 December 2017 - 4:03AM
Business Wire
The law firm of Kirby McInerney LLP announced today that a class
action lawsuit has been filed in the United States District Court
for the Southern District of New York against Qudian Inc. (“Qudian”
or the “Company”) (NYSE: QD) on behalf of investors that acquired
Qudian American Depository Shares (“ADSs”) in, or traceable to,
Qudian’s October 2017 IPO, seeking recovery of damages for alleged
violations of the federal securities laws. Pursuant to applicable
law, investors have until February 12, 2018 to apply to the Court
to be appointed as lead plaintiff in the lawsuit.
Qudian is a Chinese provider of online micro-lending credit
products.
The lawsuit alleges that in connection with the Company’s
October 17, 2017 IPO, Qudian failed 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 procedures were materially inadequate to safeguard
sensitive borrower data against breach, and breaches had
occurred.
As news of the foregoing reached the market, Qudian’s ADS price
declined materially from the IPO price of $24.00, and the price had
declined to $13.19 when the lawsuit was filed.
If you acquired Qudian ADSs and are interested in learning more
about this matter and any rights you might have with respect to
these claims, please contact Chloe Chung at cchung@kmllp.com, by
telephone at (212) 371-6600, or by filling out this contact form.
You can also find information about this matter on the firm’s
website at www.kmllp.com. Please bear in mind that some of these
rights may be time-sensitive.
Kirby McInerney LLP is a New York-based plaintiffs' law firm
concentrating in securities, whistleblower, antitrust and consumer
litigation. The firm has specialized in complex litigation,
including securities class actions, for several decades, and has
been recognized by various courts that have appointed the firm to
major positions in consolidated and multi-district litigation.
Kirby McInerney’s efforts on behalf of shareholders have resulted
in recoveries totaling billions of dollars, and the firm's
achievements and quality of service have been chronicled in
numerous published decisions. Additional information about the firm
or the claims against Qudian Inc. can be found at Kirby McInerney
LLP's website: www.kmllp.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20171214006042/en/
Kirby McInerney LLPChloe Chung, (212)
371-6600cchung@kmllp.comwww.kmllp.com
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