LOS ANGELES, Dec. 11, 2018 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the December 24, 2018 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Jianpu Technology Inc. (“Jianpu” or the “Company”) (NYSE: JT) American Depositary Shares (“ADS”) in and/or traceable to the Company’s initial public offering (“IPO”) conducted on or about November 16, 2017. Jianpu investors have until December 24, 2018 to file a lead plaintiff motion.
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On November 16, 2017, Jianpu conducted its initial public offering of American depositary shares at a price of $8.00 per share.
On November 21, 2017, however, Chinese regulators banned the issuance of new online peer-to-peer licenses, citing improper and illegal practices by lenders such as Qudian and PPDAI. On this news, Jianpu’s share price fell more than 30%, to close at just $4.90 per share on Nov. 24, 2017, thereby injuring investors.
The complaint filed in this class action alleges that the Company made false and misleading statements to the market. Prior to Jianpu’s IPO in 2017, the China Banking Regulatory Commission and other regulators issued rules in 2016 requiring peer-to-peer (P2P) lending companies to appoint institutional banking custodians and disclose usage of deposits. The country also set out to create the Financial Stability and Development Committee to oversee reform and industry policy. These government changes combined to result in a large reduction in the number of current and potential peer-to-peer lending providers, the main source of Jianpu’s revenue. Based on these facts, Jianpu’s public comments and the Company’s IPO Registration Statement were false and materially misleading.
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If you purchased shares of Jianpu, you may move the Court no later than December 24, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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