RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Qudian Inc. (NYSE: QD) (“Qudian” or the “Company”) securities pursuant to the Company’s initial public offering on or about October 18, 2017, (the “Class Period”).
Qudian shareholders may, no later than February 12, 2018, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Qudian and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
Qudian is a Chinese provider of online micro-lending credit products.
The complaint alleges that Defendants violated Sections 11 and 15 of the Securities Act of 1933. The complaint is brought on behalf of all persons who purchased Qudian American Depository Shares (“ADS”) in the Company’s October 17, 2017 initial public offering (“Offering”) under or traceable to an Amended Registration Statement filed with the SEC on Form F-1/A on October 13, 2017 and a Prospectus filed with the SEC on October 17, 2017 (collectively the “Registration Statement”) (the “Class”). In the Offering, 37.5 million Qudian ADSs were sold at $24.00 per share for gross proceeds of $900 million.
The complaint further alleges that the Registration Statement made representations “concerning the Company’s risks concerning security breaches and unauthorized access to its customers confidential information” and that these representations “were untrue statements of material facts and omitted material facts necessary to make the statements contained therein not misleading, because the Registration Statement did not disclose that, at the time of the Offering, the Company’s security measures for protecting its customers’ confidential information had been breached or the Company had experienced unauthorized access to its customers confidential information, exposing the Company to liability related to the loss of the information, litigation and negative publicity.”
On December 13, 2017, Qudian ADSs closed at $13.98 per share, or more than 41% below the IPO price of $24 per share.
If you are a member of the class, you may, no later than February 12, 2018, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed 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. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.