Portnoy Law: Lawsuit Filed On Behalf of HDFC Bank, Limited Investors
Click here to join the case
LOS ANGELES, Sept. 09, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of HDFC Bank, Limited ("HDFC Bank" or "the Company") (NYSE: HDB) investors that acquired securities between July 31, 2019 and July 10, 2020.
Investors are encouraged to contact attorney Lesley F. Portnoy, to determine eligibility to participate in this action, by phone 310-692-8883 or email, or click here to join the case.
The Economic Times reported on July 13, 2020 that HDFC Bank had "conducted a probe into allegations of improper lending practices and conflicts of interests in its vehicle-financing operations involving the unit's former head." On July 13, 2020, HDFC Bank's American depositary receipt price fell $1.37 per share, or 2.83%, on this news, to close at $47.02 per share.
HDFC Bank reported its financial results on July 19, 2020 for the first quarter of the Bank's 2021 fiscal year, reporting a deterioration in its asset quality and missing analyst estimates with respect to net profit.
Then, on August 6, 2020, the publication The Print reported that in July 2020, the Reserve Bank of India was informed by Experian Plc’s Indian unit that "HDFC Bank has been late in providing details of its loans, including the repayment status of its millions of retail borrowers" and that "[s]uch tardiness has been an issue for about two years."
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The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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