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CLASS ACTION UPDATE for LX, CLNC and LOOP: Levi & Korsinsky, LLP Reminds Investors of Class Actions on Behalf of Shareholders

·5 min read

NEW YORK, NY / ACCESSWIRE / November 3, 2020 / Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court. Further details about the cases can be found at the links provided. There is no cost or obligation to you.

LX Shareholders Click Here: https://www.zlk.com/pslra-1/lexinfintech-holdings-ltd-information-request-form?prid=10661&wire=1
CLNC Shareholders Click Here: https://www.zlk.com/pslra-1/colony-credit-real-estate-inc-information-request-form?prid=10661&wire=1
LOOP Shareholders Click Here: https://www.zlk.com/pslra-1/loop-industries-inc-loss-submission-form?prid=10661&wire=1

* ADDITIONAL INFORMATION BELOW *

Lexinfintech Holdings, Ltd. (NASDAQ:LX)

This lawsuit is on behalf of shareholders who purchased or otherwise acquired: (a) Lexin American depositary shares pursuant and/or traceable to the Company's initial public offering conducted on or about December 21, 2017; or (b) Lexin securities between December 21, 2017, and August 24, 2020.
Lead Plaintiff Deadline: November 9, 2020
TO LEARN MORE, VISIT: https://www.zlk.com/pslra-1/lexinfintech-holdings-ltd-information-request-form?prid=10661&wire=1

According to the filed complaint, (1) LexinFintech reported artificially low delinquency rates by giving borrowers in default new funds to make payments; (2) the Company's business model exposes shareholders to enormous losses by prioritizing Chinese lenders for off-balance-sheet loans; (3) the Company exaggerated its user base; (4) the Company was facilitating direct peer to peer lending contrary to Chinese law; (5) the Company engaged in undisclosed related party transactions; (6) the Company lacked adequate internal controls; and (7) as a result, Defendants' statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Colony Credit Real Estate, Inc. (NYSE:CLNC)

This lawsuit is on behalf of persons and/or entities who purchased or otherwise acquired the common stock of Colony Credit pursuant and/or traceable to the Company's false and/or misleading Registration Statement and Prospectus issued in connection with the combination of Colony NorthStar, Inc., NorthStar Real Estate Income Trust, Inc., and NorthStar Real Estate Income II, Inc. on or about February 1, 2018 (the "Merger").
Lead Plaintiff Deadline: November 9, 2020
TO LEARN MORE, VISIT: https://www.zlk.com/pslra-1/colony-credit-real-estate-inc-information-request-form?prid=10661&wire=1

According to the filed complaint, (i) the credit quality of certain of the Company's assets had deteriorated prior to the Merger, and were continuing to deteriorate at the time of the Merger; (ii) certain of the Company's loans, including four loans of approximately $261 million related to a New York hotel, were substantially impaired, there was insufficient collateral to secure the loans, and it was unlikely that the loans would be repaid; (iii) as a result, the valuation attributed to certain of the Company's assets was overstated; (iv) that certain of the assets contributed as part of the Merger were of substantially lower value than reflected in the Company's financial statements and the Registration Statement; (v) as a result, the Company's financial condition, including its book value, was materially overstated; and (vi) as a result of the foregoing, the positive statements in the Registration Statement about the Company's business, operations, and prospect were materially misleading and/or lacked a reasonable basis.

Loop Industries, Inc. (NASDAQ:LOOP)

LOOP Lawsuit on behalf of: investors who purchased September 24, 2018 - October 12, 2020
Lead Plaintiff Deadline: December 14, 2020
TO LEARN MORE, VISIT: https://www.zlk.com/pslra-1/loop-industries-inc-loss-submission-form?prid=10661&wire=1

According to the filed complaint, during the class period, Loop Industries, Inc. made materially false and/or misleading statements and/or failed to disclose that: (1) Loop scientists were encouraged to misrepresent the results of Loop's purportedly proprietary process; (2) Loop did not have the technology to break PET down to its base chemicals at a recovery rate of 100%; (3) as a result, the Company was unlikely to realize the purported benefits of Loop's announced partnerships with Indorama Ventures Public Company Limited and thyssenkrupp Industrial Solutions; and (4) as a result of the foregoing, defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

You have until the lead plaintiff deadlines 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.

Levi & Korsinsky is a nationally recognized firm with offices in New York, California, Connecticut, and Washington, D.C. The firm's attorneys have extensive expertise and experience representing investors in securities litigation and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
55 Broadway, 10th Floor
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
http://www.zlk.com

SOURCE: Levi & Korsinsky, LLP



View source version on accesswire.com:
https://www.accesswire.com/614167/CLASS-ACTION-UPDATE-for-LX-CLNC-and-LOOP-Levi-Korsinsky-LLP-Reminds-Investors-of-Class-Actions-on-Behalf-of-Shareholders