SAN DIEGO, CA / ACCESSWIRE / March 18, 2019 / The Shareholders Foundation, Inc. announces that a lawsuit is pending for certain investors in shares of PPDAI Group Inc. (PPDF).
On November 26, 2018 a lawsuit was filed against PPDAI Group Inc over alleged securities laws violations in connection with its November 2017 Initial Public Offering (''IPO''). The plaintiff alleged that the defendants made false and/or misleading statements and/or failed to disclose that PPDAI Group Inc. was engaged in predatory lending practices that saddled subprime borrowers and those with poor or limited credit histories with high interest rate debt they could not repay, that PPDAI Group Inc. many of PPDAIs customers were using PPDAI-provided loans to repay existing loans they otherwise could not afford to repay, thereby inflating PPDAIs revenues and active borrower numbers and increasing the likelihood of defaults, that PPDAI Group Inc. was experiencing increasing delinquency rates, negatively affecting PPDAIs reserves, that PPDAI Group Inc’s purported rapid growth in the number and amount of loans had materially dropped off, that PPDAI Group Inc. was providing online loans to college students despite a government ban on the practice, that PPDAI Group Inc. was engaged in overly aggressive and improper collection practices, and that as a result of its improper lending, underwriting, and collection practices, PPDAI was subject to heightened risk of adverse actions by Chinese regulators. On January 8, 2019, an amended complaint was filed.
Those who purchased PPDAI Group Inc. (PPDF) shares should contact the Shareholders Foundation, Inc.
Shareholders Foundation, Inc.
+1 (858) 779-1554
3111 Camino Del Rio North
San Diego, CA 92108
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is only provided as a public service. It is not intended as legal advice and should not be relied upon.
SOURCE: Shareholders Foundation, Inc.
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